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Winners and losers- it's the brutal reality in most advanced economies. Increased inequality, economic stagnation and financial instability are the consequences of technological change, globalisation and the massive increase in financial systems. Governments struggle to deal with the unrest this creates and to resolve competing claims for the spoils of growth.
Australia's egalitarian traditions and past reforms have served the country well, but the risks of weakening demand, stagnating living standards and structural unemployment are growing and require urgent attention. Does Australia have the fiscal and political capacity to achieve a reform agenda?
Can the Australian political system manage these vital changes? Will voters support them? Fair Share ignites the necessary debate to instigate action.
About the Authors
Stephen Bell is Professor of Political Economy at the University of Queensland and a fellow of the Academy of Social Sciences in Australia.
Michael Keating is the former head of three Australian Government departments: Employment & Industrial Relations, Finance, and Prime Minister & Cabinet. He is a visiting fellow at the Australian National University and a fellow of the Academy of Social Sciences in Australia.
The book, Fair Share, is very well written by two authors who were central to policy making at the Commonwealth level in Canberra, particularly in the last two decades of the 20th century. It is an excellent reference book, which describes and explains important macro and microeconomic reforms under the Hawke and Keating governments.
A deep analysis of the Australian economy and inequality
The book gives an extended and deep analysis of Australia's economy and economic history, with special emphasis on measures to reduce inequality, to give everyone a fair share of the economic output. For such a technical and difficult topic, it is surprisingly readable. It gave me the detailed background and numbers I needed to understand where we have come from and where the economy is going, so I can put current events in a wider perspective.
The bottom line is that we are doing pretty well in keeping inequality low, compared to the rest of the world. We started as a commodity producer, but the large and unpredictable swings in the market price led to an ingrained distrust of the market. Add to that a fundamental belief in giving people a fair share, a targeted safety net for the old and unemployed, and quality education, and we get a tax system that largely takes from the rich and gives to the poor. The main problem for the future is that tax rates have been cut so much by every recent government that there is a lot less cash now to re-distribute.
1. The Political Economy of Competing Class
2. The Challenge of Stagflation and Subsequent Reforms
3. Globalisation, Economic Growth and Restructuring
4. Strategies for Australian Economic Restructuring and Development
5. Investment and Economic Growth
6. Labour Market and Employment Challenges
7. Inequality and Redistribution Internationally
8. Inequality and Redistribution in Australia
9. Households, Debt and Real Estate Internationally
10. Households, Debt and Real Estate in Australia
11. The Quest for Macroeconomic Stabilisation
12. Fiscal Policy Challenges
13. Conclusions and the Governance Challenge
ISBN: 9780522872279 ISBN-10: 0522872271 Audience:
Number Of Pages: 404 Published: 26th February 2018 Publisher: Melbourne University Press Country of Publication: AU Dimensions (cm): 24.0 x 16.0
Weight (kg): 0.79