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ePub The Failure of Free-Market Economics download

by John Spooner,Martin Feil

ePub The Failure of Free-Market Economics download
Author:
John Spooner,Martin Feil
ISBN13:
978-1921215544
ISBN:
1921215542
Language:
Publisher:
Scribe US; US edition edition (March 29, 2010)
Category:
Subcategory:
Economics
ePub file:
1318 kb
Fb2 file:
1791 kb
Other formats:
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Rating:
4.7
Votes:
980

Martin Feil, John Spooner.

Martin Feil, John Spooner. The basic concept behind free-market economics was simple and seductive- the government should not attempt to pick winners by granting assistance to specific industries, and it should only intervene in the market in circumstances where there has been a substantial market failure. The only trouble with this theory - - as the global economic disaster has shown - is that it is based on ideology, not evidence, and that it can't withstand contact with reality. For decades, Australia has been an enthusiastic adopter of this approach.

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Start by marking The Failure of Free-Market Economics as Want to Read: Want to Read savin. ant to Read. Details (if other): Cancel. Thanks for telling us about the problem. The Failure of Free-Market Economics. by. Martin Feil, John D. Spooner (Illustrator).

Failure of free-market economics. Thread starter Ivan Seeking John McCain railed against Fannie Mae and Freddie Mac on the campaign trail today, saying that the CEOs that led the lenders to ruin "deserve. Thread starter Ivan Seeking. With the failures of Freddie, Fannie, and now AIG, we have seen an earth-shaking failure of free-market economics. John McCain railed against Fannie Mae and Freddie Mac on the campaign trail today, saying that the CEOs that led the lenders to ruin "deserve nothing" and should have to pay back their severance packages.

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Feil has written many op-ed pieces over the years for The Age, accompanied by illustrations by John Spooner, warning of the dangers of free-trade ideology. He is also the author of The Failure of Free-Market Economics (Scribe, 2010). Write your question below

John Spooner is a former lawyer and Australian illustrator and political cartoonist for the Age. He is the recipient of four Walkley awards, five Stanley awards, and a Graham Perkin Award for journalism. The thrill factor is accentuated when the ideas traversed in the book are of national importance.

Martin Feil is an economist who has had a Road to Damascus experience, albeit of the slow maturing variety

Martin Feil is an economist who has had a Road to Damascus experience, albeit of the slow maturing variety. From rising young star in the Holy War against tariff protection, Feil has become an ardent prosyletiser against 'free-market economics' and the practices that prevail under that ideological banner. To finance his evening course studies for a Sydney University economics degree ('that dismal faculty') Feil got a job in the Department of Customs & Excise in 1968 (being Catholic probably helped get into a Catholic bastion).

The Failure of the "New Economics" (1959) is a book by Henry Hazlitt offering a detailed critique of John Maynard Keynes' work The General Theory of Employment, Interest and Money (1936). Hazlitt's critical analysis of The General Theory Hazlitt embarked on this project because, in his view, although general critiques of Keynes and The General Theory had been made, no critic had completed a detailed analysis of the work. 18–20 Edward St, Brunswick, Victoria 3056, Australia. 2 John St, Clerkenwell, London, WC1N 2ES, United Kingdom. First published by Scribe 2016.

In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. Market failures can be viewed as scenarios where individuals' pursuit of pure self-interest leads to results that are not efficient– that can be improved upon from the societal point of view.

The basic concept behind free-market economics is simple and seductive: the government should not attempt to pick winners by granting assistance to specific industries, and it should only intervene in the marketplace when there has been a substantial market failure. The only trouble with this theory ― as the global economic disaster has shown ― is that it is based on ideology, not evidence, and it can’t withstand contact with reality.

For decades, Australia has been an enthusiastic adopter of the free-market approach. The consequences ― such as mass privatisations, tariff reforms, and flexible wages and conditions ― have been lauded by the booming financial sector and the political class. Unnoticed in the hubbub, though, has been the annihilation of the manufacturing sector ― which has resulted in 20 years of monthly current-account deficits and a foreign debt approaching $650 billion ― and an economy dominated by footloose capital and tax-averse multinationals.

Despite propaganda to the contrary, employment in Australia is now increasingly characterised by low-paid and insecure jobs in service, logistics, and retail industries.

The Failure of Free-Market Economics explains how the triumph of a fundamentally flawed economic orthodoxy has weakened the Australian economy and now threatens our future. It also offers a range of practical reforms that the author argues are essential and urgent. This is a unique perspective from a highly qualified expert who started his career inside the free-market establishment and has ended up as a ‘true unbeliever’ in its ideas.