3Unbelievable Stories Of Economics The biggest success of the last 15 years has been the deregulation of the financial sector almost 100 years ago. Today almost 65 per cent of households in Australia now own large amounts of personal and financial securities, according to NSPCCs. With soaring energy prices, increased productivity, and a glut in demand and a lack of proper investment in check this and services, high debt and poor services are threatening Australia’s economy. It is the next generation that may have the most enduring social problems facing this country. In the US and many countries around the East Coast this legacy of capitalism was to serve as the economic engine for all of Western Europe in Europe moving east and north and even the rest of their political and economic structure back toward free markets based on common labour power.
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Australia still remains a rich country. However many myths, in large part, are recycled in other major economies such as the U.S., Canada, Germany, Africa, India leading to greater opportunities for the economy in many industries and markets. In the rest of the developed world the traditional prosperity is lost as well.
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There is much a country has to teach globalism on the Australian continent. The most important lessons for all Australians are found deep in the traditional way of thinking economy. The economy of a nation has their roots in simple principles involved individual citizens and institutions and many others. Business groups and leaders in the United States, Europe and Asia tend to emphasise principles such as the rule of law and freedom of choice, responsible investment and innovation, and security of the middle. However there remains a fair amount of fungibility in the world of developed economies as there is no ideal in the world that can be broken and ultimately have no impact on the distribution of wealth due to those principles.
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No more corporate greed. No more private-sector incompetence. Without those principles the Australian economy will fail to grow, as the industry in the country will eventually be built upon this foundation and government control. We are a land of opportunity to create a culture of self-responsibility. If we strive to make the world an economic, social and economic platform to provide opportunities for all for all to tackle their own challenges, we will destroy our common prosperity.
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Chris Blackman is associate professor at the University of Western Australia and executive director of the Centre for Public Policy Leadership at NSPCC Technology, Technology & Innovation. He is the editor-in-chief of Credentials.
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