The New Right Were Wrong: The Global Financial Crisis
The May 2009-10 budget handed down bythe Australian Federal Government aimed to manage‘the worst global recession since the Great Depression’(Taylor 2009). The budget reinforced the strategy that the relatively new Labor Government had begun the previous year to stimulate the economy and address the global financial crisis which has bitten deeply into the Australia economy and economies around the world. Similarly, other national governments have been struggling to manage their national economic destiny in the grip of the crisis. This state of affairs has catalysed reflection from left and right about the neoliberal approach to economic management and the appropriate role of markets.
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