Treasurer Jim Chalmers has unveiled his vision to revamp the market-based economic system, attacking “neoliberalism” and urging business to co-invest with government to deliver “values-based capitalism”.
“Powerful economic interests” had a strong interest in keeping the existing economic system in place after the 2008 financial crisis exposed shortcomings when he was an adviser to then-treasurer Wayne Swan, Dr Chalmers said.
“They pursued loosely defined goals for competitiveness through a race to the bottom on wages and public investment.“The ‘Washington Consensus’ became shorthand to describe recommendations and orthodoxies for developing countries urged by the International Monetary Fund and World Bank – a reference to each institution’s proximity to the other in Washington DC.
, which helped set up Australia’s prosperity by slashing tariffs, increasing flexibility in the labour market, floating the dollar, financial deregulation and a better social safety net.
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