The global financial crisis provides an opportunity for the world to rethink its economic and political structures, according to this essay.
John Quiggin proposes a long term response to the global financial crisis which shifts the risks from individuals and families and places the hand of government firmly on the economic tiller. The crisis is not a temporary aberration, to be followed by a return to the 'normality' of the late 20th century, dominated by the ideology of economic liberalism. Rather the economic and social system that emerges from the global financial crisis will be radically reformed, he writes. The inevitable contraction of the financial sector creates both the need and the opportunity for an expansion in the provision of non-financial human services, such as health and education.
This is the first essay in a series called 'Perspectives' which have been commissioned by the Whitlam Institute within the University of Western Sydney.