File Size: 1002 KB
Print Length: 302 pages
Publisher: Black Inc. Redback (November 15, 2013)
Publication Date: November 15, 2013
Sold by: Digital Services LLC
Language: English
ASIN: B00FDMH1ES
Text-to-Speech: Enabled
X-Ray: Not Enabled
Word Wise: Enabled
Lending: Not Enabled
Enhanced Typesetting: Enabled
Best Sellers Rank: #643,899 Paid in Kindle Store (See Top 100 Paid in Kindle Store) #84 in Books > Politics & Social Sciences > Politics & Government > International & World Politics > Australian & Oceanian #809 in Kindle Store > Kindle eBooks > Business & Money > Economics > Economic Conditions #1803 in Books > Politics & Social Sciences > Politics & Government > Specific Topics > Political Economy
Garnaut recognises that Australian democracy as one where policies are determined by monied vested interest groups, largely foreign owned, which provide the bulk of election funding to both major parties that have governed the country since Federation. He explains how the media has undertaken the task of explaining to the community why policies that benefit the rich elites serve the interests of the community. In this regard he notes that the majority of the media is foreign owned, with News Corp commanding 71% of the mainstream printed media in Australia. He criticises News Corp for its biased reportingGarnaut identifies that Australia is in the grip of a resources curse, similar to Nigeria. 85% of Australia's mining industry, and over 90% of its coal mining industry is foreign owned, close enough to the equivalent ratios in Nigeria. Garnaut compares the selling out of Australia's resources to Norway where the oil industry is publicly owned and the country has generated a $400bn sovereign wealth fund as a result.On the negative side, I was disappointed in the extent that the book is full of undefined terms, unproven assertions and motherhood statements from the library of conventional economics - just like the media that the book criticises.For example justifying Australia's immigration Garnaut says "Since World War 2 high immigration has kept the Australian population growing strongly This has been a source of continuing economic dynamism." Elsewhere in the book he points out that Australia's per capita growth rate has been below that of comparable countries, and that much of Australia's growth has been due to resources booms that have little connection to population growth.
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