Wrong Way: How Privatisation and Economic Reform Backfired

by Damien Cahill (Editor), Phillip Toner (Editor), Jane Andrew (Contributor)

Since the 1980s, waves of neoliberal ‘economic reform’ have transformed Australia. Privatisation, deregulation, marketisation and the contracting out of government services: for three decades now, there has been widespread agreement among policymakers on the desirability of these strategies. But the benefits of economic reform are increasingly being questioned. Alongside growing voter disenchantment, new voices of dissent argue that instead of efficiency and improved services, economic reform has led to unaccountable oligopolies, increased prices, reduced productivity and degradation of the public good. In Wrong Way, Australia’s leading economists and public intellectuals do a cost–benefit analysis of economic reform across key areas. Have these reforms been worthwhile for the Australian community and its economy? Have they given us a better society, as promised? ‘Has privatisation led to more productivity-enhancing competition? Has deregulation increased economic welfare in energy, finance, health, education and labour markets? Does the lived experience of Australians measure up to the promise of economic reform? The authors answer these questions with conclusions that are both compelling and disturbing.’ ——Emeritus professor Roy Green, University of Technology Sydney Damien Cahill & Phillip Toner on Economic Reform
Elizabeth Hill & Matt Wade on Early Childhood Education And Care
Stephen Duckett on Private Health Insurance
Phillip Toner on Vocational Education And Training
Jane Andrew & Max Baker on Prisons
Bob Davidson on Aged Care
Paul Davies on Public Sector Engineering
Sue Olney & Wilma Gallet on Employment Services
John Quiggin on Electricity
Jim Stanford on Labour Markets
Evan Jones on Banking
Peter Phibbs & Nicole Gurran on Housing
Lee Ridge on The NBN
Ben Spies-Butcher & Gareth Bryant on Universities
Michael Beggs on Monetary Policy And Unemployment
John Quiggin on Productivity
Peter Brain on Orthodox Economic Models
Patricia Ranald on Free Trade
David Richardson on Foreign Investment
Frank Stilwell on Inequality

Genres: Economics

512 pages, Kindle Edition

Published September 10, 2018

Reviews

[Marc Boisseau · Rating 4 out of 5]

This is a very interesting and useful book. It brings together the impact (massively negative) of neoliberal policies in Australia on a number of public and economic policies since the early 1980s. The book contains 19 essays on different topics by specialists in their respective fields. While the essays provide insightful analysis, some are more enjoyable to read than others. A good knowledge of economics is probably needed especially for part three of the book, which discusses economic policies.

[Alexander · Rating 5 out of 5]

I'm so incredibly happy with this book (even as it fills me with a very acute dispair!). I've been looking for something on the Australian socio-economic context for ages now, especially since so much of what is available is so US-oriented. This scratches exactly the itch I've been clawing away at for some time. Recommended for anyone with a stake in the Australian future.

[Ryan · Rating 5 out of 5]

A one-of-a-kind book, you don't often get a book challenging the economic status quo in an Australia-specific context. There are many examples here of where the conservative marketing has far exceeded any actual results, seemingly due to a fear that admitting failure would admit that we have entrenched inequality and substandard conditions for little gain.

Some of the third part of this book started to get extremely detailed and technical but it is perhaps best considered as a part of the book to read for the keenest economic enthusiasts. Otherwise enjoy the first two thirds of the book, extremely accessible and structured as a series of essays.

[Craig Hodges]

‘Cahill and Toner get it right. Neoliberal economic “reform” is indeed the wrong way because it undermines good governance, increases inequality and reduces our quality of life. Wrong Way is a finely crafted, clear and inviting analysis of all that is wrong with Australia’s experiment with neoliberalism.’ —Michael Pusey