Australia's embrace of free trade was inevitable - it was the way the world was going. And no one would be inclined to argue against the economic reforms adopted during the Hawke, Keating and Howard years in a country where initiative was being to some degree stifled by a tired system.
But the trouble with changing policy settings is our tendency to over-correct. It's as if we are all over one side of the boat making it lean dangerously and in an attempt to right things we all rush over to the other side, with similar consequences. In addition, it is hard to separate free trade from the wider system in which it is an integral part - the whole free market economics package.
One of the main problems with free market economics is that instead of an economic system it became a full-blown ideology, with all the false promises of utopia, which radical ideologies from Marxism to fascism hold out.
One of the main problems with free market economics is that instead of an economic system it became a full-blown ideology, with all the false promises of utopia, which radical ideologies from Marxism to fascism hold out.
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