by Patrick J. Byrne By the time this editorial goes to print, Australia may be under lockdown, with the Government running a command economy as it has in other crises, like World War II. Covid19 spells the end of globalisation as we have known it. The promise of what economist Dani Rodrik calls “deep globalisation”, also known as the Washington consensus, was that free (unregulated) flows of money, industries and goods around the world would see a rising tide lift all boats. In reality, it led to the failure of the international financial system in the 2007 global financial crisis. This resulted in the largest bank bailouts (corporate welfare) in history, which even then failed to restore global growth and full employment. Thirteen years later, the covid19 pandemic has caused…
