Economics

I was once berated by a lecturer in political theory for my undergraduate defence of Marxist economism. He pointed out that even Marx despised this mindless reduction of his work. I subsequently opted for less anal accounts of the human condition, and remain of the view that any half-intelligent person would do likewise. So I was more than astonished to hear non-Marxists of the ilk of Ronald Reagan, Margaret Thatcher and the senior George Bush demanding that we read their lips as they mouthed: ‘It’s the economy, stupid!’

This is a large yet very readable book. There are three strands to this work: a demonstration of the inexorable tendency of a market economy to oligopoly; an explanation of the ease with which money can set ethical consideration aside; and an account of the development of the companies that make and market Coca-Cola. While McQueen has strong opinions, he is careful to separate his critique from his account, and he supports both his opinions and his account with extensive referencing and a substantial bibliography.

I wouldn’t have minded being a fly on the wall when Valerie Wilson did the research for this book. It began life as a PhD project in the University of Melbourne’s Business School. Wilson wanted to find out what underlying attitude people had to money. She should have asked me. I love the stuff. Just don’t see enough of it.

Douglas Kennedy is one of that group of travel writers who are annoyingly good at getting an angle on a story but never really making a point. He whisks us around the world, in this case around the money markets of the world, observing, picking up quotable quotes, telling tidy anecdotes, and in the end, back home, he snaps the lid on his collected experience and calls it a day. Easy listening, but perhaps a bit too easy.

This book has emanated from the University of Newcastle based upon the much needed research into the plight of Australian small businesses by the staff there. The book is intended to make such research findings available in a digestible form and the publication definitely achieves that goal.

Central to this collection of essays by Ted Wheelwright is the argument that orthodox economics is a positive hindrance to any real understanding of the problems of the last quarter of the twentieth century. A rebirth of the political economy is necessary to remove the stench (from the corpse of orthodox economics) that is polluting the social sciences.

Now, it is certainly true that orthodox economics (that is the economics taught in ninety-nine per cent of our Universities, practised by Treasuries around Australia and spiritual descendant of Adam Smith, sometimes modified by Keynes) casts little light on some of the most acute problems of our era – the coex­istence of unemployment and inflation, the (Mal) distribution of income between classes, the persistence of poverty, the power of the multi-nationals, etc.