Economics and public discourse

Because there appears to be no provision for Comment on Jessica Irvine’s article in the Australian SMH today, about the benefits of economic ‘reforms’ and the decline of economics in schools along with public discourse, here it is….

It is certainly true that people often have a great ignorance of economic history and Jessica Irvine has revealed she is one of them.

Before the “great economic reforms”, even the right wing Coalition party could tend to govern on behalf of everyone, not just the wealthy corporate sector. Wages rose steadily above inflation. Social mobility was real. People born into poverty could work and make it into the middle class, something almost impossible now. Education was largely free to help the mobility and, under Whitlam, became generally available to all adults as well. People could afford houses. Homelessness was rare or voluntary. People could drop out to explore life or art or science or politics or business without fear of being disadvantaged for the rest of their lives. Strong Unions gave people security and clout. People extended their participation in government and so on.

This did cause some fear amongst the establishment; it was something to be curbed – as the ‘proper elites’ were being challenged. People who had previously been quiet about their suppression were becoming economically secure enough to make noise.

Despite Irvine’s claims, we were largely insulated from “international contagions” until the 70s oil shock when the multinational oil companies made a fortune out of crisis, and started funding free market think tanks to promote the power of their class. Since then we have suffered from overseas shocks routinely, the last major one originating in the corruption and stupidity of the dominant players in the US financial and housing market, and which penalised ordinary Americans, not them. Nowadays even the most conservative commentators wonder how we will survive a downturn in even one overseas market (China). Jobs have been exported. Manufacturing has declined. We largely cannot make our own products. Minerals are routinely given away to miners. We ignore, or even encourage ecological collapse if it makes money for the wealthy. Major financial institutions appear to continually suffer from corruption, fraud and scandals, which, before ‘reform’, were rare and penalised. Wages are no longer increasing, and the wealth of society is being redistributed back to the financial elite.

Whatever the intentions of those involved, the ‘great reforms’ have led to an economy in which Plutocracy flourishes, and the rich are nannied and treasured, while ordinary people are abandoned. It is not an improvement, and its success requires that economics is not thought about, that economic history remains distorted and that public discourse becomes trivial. Economics has to mark an ‘unconscious’, as real thinking about the subject, might lead to radical politics and the overturn of ‘free market reforms’. Ignorance is inculcated by dominance.

It is no surprise, in this situation, that real economics is not taught in high school, and it is no surprise that business studies replaces it. Business is were you get wealth and status. Business is, we are told, the important thing, the privileged thing. Naturally students are attracted to it. Naturally subjects based in dispassionate knowledge decline. That is the result of the reforms. We breakdown in an ignorance that supports power, but which leads to breakdown.

Advertisements

Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s