politics - Economics Students Society of Australia

politics

A collection of 56 posts

Pasokification: The economics behind the decline of the Parti Socialiste

Pasokification: The economics behind the decline of the Parti Socialiste

Ever since the advent of the fifth republic of France, The French ‘Parti Socialiste’ or Socialist Party has been a powerful and dominant force on the center-left of the French political spectrum. Between 1974 and 2012, the party finished either first or second in both presidential and legislative elections, except

The USSR and Barter Economy: How Pepsi Once Became the Sixth Largest Military in the World

The USSR and Barter Economy: How Pepsi Once Became the Sixth Largest Military in the World

Part one of this series focused on the structure of the USSR’s centrally planned economy and how that contributed to the Soviet ruble becoming worthless as international currency. After the end of Stalin’s rule, Soviet Premier Nikita Khrushchev implemented a doctrine of ‘de-Stalinisation’ which sought to ease the

Fuel to the fire: The economics (and politics) of petroleum

Fuel to the fire: The economics (and politics) of petroleum

It’s Thursday; your salary has just hit your account and you’re cruising home after a hard day’s work when, suddenly, that dreadful light illuminates your dashboard. Frantically searching, you find that fuel prices are a full 15 cents higher than they were yesterday, with the price seemingly

Black Wednesday: How one man broke the Bank of England

Black Wednesday: How one man broke the Bank of England

When I talk about foreign exchange (FX) markets, what do you think of? I’m sure you have some memory of being at the airport in a foreign country, standing at a little stall as screens flash a constant stream of numbers telling you how much your AUD is worth

Federal Budget Marks a Shift to the Left

Federal Budget Marks a Shift to the Left

The announcement of the Morrison government’s federal budget last Tuesday marks a significant shift in the conventional wisdom of Australian politics. For years, both Liberal and Labor governments have been chiefly preoccupied with the issue of debt accumulation, and often shirked large-scale public investment for fearing of running the

UBI: A Radical Fringe Theory or a Pragmatic Path Forward?

UBI: A Radical Fringe Theory or a Pragmatic Path Forward?

Of all the 2020 US presidential candidates, none have exhibited a rise as remarkable, and as meteoric, as that of entrepreneur Andrew Yang. Yang, a man so far off the political radar that the Washington Post ran an article on him titled “Random Man Runs for President” [1], was able

How much should politicians be paid? (Part 2 of 2)

How much should politicians be paid? (Part 2 of 2)

Part 1 of this series analysed how higher salaries could help attract more educated candidates to politics in developing countries, with a specific focus on Sri Lanka. While attracting competent candidates is as much a concern in developed countries, the general level of education among politicians tends to be higher

How much should politicians be paid? (Part 1 of 2)

How much should politicians be paid? (Part 1 of 2)

A few interesting studies on the wages and performance of lawmakers have suggested that high pay and benefits can foster better democratic outcomes, as they make politicians more receptive to voters rather than to special interests. This is a perspective worth analysing.[1] To begin with, across many countries, political

#ESSADebate - Should Section 44 be amended?

#ESSADebate - Should Section 44 be amended?

[two_fifth] Kyneton Morris Section 44 challenges some of the most fundamental values of modern Australia. We need a diverse government to speak for our diverse country. Without further ado, I would like to repeat the legendary Milton Friedman’s words and use them in a new context. ‘Concentrated power

Why Australia won't 'pivot to China'

Why Australia won't 'pivot to China'

For the last twenty years, Australia’s economy has not seen a recession. In large part, this economic performance has been driven by China’s demand for Australia’s exports. Not content with a transactional relationship of this sort, Australia and China have developed strong official links by finalising a

What's all this bubble talk about?

What's all this bubble talk about?

In light of the recent surge in Australian capital city house prices, particularly in Melbourne and Sydney, the residential housing agenda has again entered the forefront of economic and political discussions. At the heart of the issue is whether price rises are a sound reflection of economic fundamentals, or are

Democracy: a drag on economic development?

Democracy: a drag on economic development?

On March 23rd, 2015 the world witnessed the passing of an unusual man: Singapore’s first Prime Minister, Lee Kuan Yew. The flood of condolences messages from Western democracies that followed Singapore might seem strange given that Mr Lee was not a huge fan of democracy. His government has been

The Endorsement Game

2016 us election

The Endorsement Game

If you were paying attention to the major party conventions held in the U.S. last month, you may have noticed a stark difference in the ‘quality’ of speakers at each event. The 2016 Republican National Convention brought to light the struggles Donald Trump has had garnering support from key

The Trans-Pacific Partnership: where economics and power politics collide

The Trans-Pacific Partnership: where economics and power politics collide

The Trans-Pacific Partnership is “the next big thing” in international trade. Its 12 members account for about 40% of the world GDP, concentrated around the economically dynamic Pacific region. The deal promises to slash tariffs across a range of products, and to deal with sensitive yet vital issues of 21st

Trumping the odds: What to expect on Super Tuesday

2016 us election

Trumping the odds: What to expect on Super Tuesday

With the possible exception of Kanye West’s creative process, there is nothing quite as baffling, drawn-out or complicated as the way Americans elect their President. Consider this; if you wanted to be the occupier of the White House come January 20, 2017, your campaign would officially have to start

The disconnect between economic policy and thought

The disconnect between economic policy and thought

One of my old economics lecturers used to advise the government on economic policy. He once told me that presenting economic policy to the government can be very unrewarding. He said that what the government considers to be sound policy is often rejected under the guise of being bad politics.

Why the gap hasn't been closed

Why the gap hasn't been closed

Last year, the Federal Government withdrew funding for essential services of remote communities in Western Australia. Following this the West Australian Premier Colin Barnett announced in November 2014 a plan to cease supporting and force the closure of 150 remote indigenous communities. The situation seems quite ambiguous: the exact reasoning

The Hanseatic League

Hamburg. The majestic Rathaus imposing at the centre. Just nearby, the leviathan iron canopy of the Haupbahnhof mantling the throng of the Deutsche Bahn trains. Further besides, the deep water Port of Hamburg frilled with brick warehouses lining the angular canals of the Speicherstadt, carving into the city. The nightly

Ideology ain't dead

Ideology ain't dead

In 1992, political scientist Francis Fukuyama famously declared that humanity had reached the “end of history”. Communism was dead, and modern liberal economics triumphant, with the Western model of democracy and economic freedom universally agreed upon as the future for mankind, or so, at least, the story goes. In Australia,

economic sanction

It’s all about the gas.

The European Union has responded to the Ukrainian Crisis with several waves of sanctions on Russia. These relatively “safe” sanctions, suggest a fear that Russia will use energy as a political tool in response to heavier sanctioning, given Russia’s employment of “energy tactics” in the past and the fact

For country or for cash?

For country or for cash?

Countries everywhere see varying degrees of patriotism in their people. A sense of national pride can be a positive force, overcoming cultural and political differences within a country and unifying its people. Overly zealous nationalism, on the other hand, can evolve into protectionist, anti-globalisation ‘economic nationalism’, stressing domestic control of

When the government plays with hidden taxes, we all lose

When the government plays with hidden taxes, we all lose

Governments like to play the political equivalent of a magician ‘pulling a rabbit out of the hat’. They get something for nothing, whether it is national uniform price for telecommunications and postal services or, more recently, cheap gas for Australian industry or a uniform price for national broadband. Cheap gas

The secret to East Asian modernisation

The secret to East Asian modernisation

Throughout history the idea of central planning as a means to achieving social, political and economic reform has been widely debated. In the late 1950s, China and the Soviet Union utilised communist principles to further the process of industrialisation. Market-based economies such as Japan and other western European countries like

A brief history of China’s 'hukou' system - Part 1

A brief history of China’s 'hukou' system - Part 1

The hukou system has been an indispensable tool in implementing Communist China’s political, social and economic objectives since 1949. By establishing an agricultural production unit and rapid urban industrialisation during the Great Leap Forward and regulating intra-provincial migration to China’s boom areas in recent years, hukou deprives one

The theocracy: an economist’s lament

The theocracy: an economist’s lament

God is bad for the economy. Well, at least the religious authority which operates or heavily influences legal and political institutions is. This view is shared by many secular capitalists who are of the view that the world ought to be a globalised open market, devoid of cultural and religious