The principle of greater national and regional self-reliance, consistently derided by the neoliberals, evidently warrants serious consideration as a basis for more secure long term Australian economic development. Drawing on the savings held in superannuation funds in order to finance investment in infrastructure and industry is the sort of progressive political economic alternative that now beckons. Productive investment, systematically linked to goals of social justice and ecological sustainability, has to be the top priority. The neoliberal economic strategy is in tatters. The underlying economic problems, nationally and internationally, are becoming increasingly evident. Public debt has been reined in only at the expense of creating the conditions for unsustainable levels of private debt. We have become highly vulnerable to small fluctuations in monetary policies and international financial markets. It is time to change track. Wake up Australia!
(extract from an article by Frank Stilwell Professor of Political Economy in the School of Economic and Political Science at the University of Sydney)
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