Benjamin Huf

In November 2011, amid the Occupy Movement that followed the 2008–9 recession, seventy-odd Harvard students walked out of their introductory economics course taught by Greg Mankiw, author of the world’s bestselling economics textbooks. The students protested that Mankiw’s faith-in-markets economics had little relevance for their crisis-riddled world. The walkout proved more than a campus stunt. Similar protests followed in universities across the world. Senior academics threw in support. New networks and organisations emerged, proposing alternative economics curricula, forums, and ideas. Their aim, as one campaigner put it, was to combat the ‘fantasy world of neoclassical economics – a faith-based religion of perfect markets, enlightened consumers and infinite growth that shapes the fates of billions’.

In 2007, on the seventy-fifth anniversary of the Great Ocean Road, a bronze statue was unveiled at Eastern View, near Torquay. The statue, titled ‘The Diggers’, depicts two pick-wielding mates, one handing the other a drink. In name and form, the statue memorialises both the World War I Anzacs the road was built to honour and the repatriated soldiers who began constructing it in 1919. But the statue tells only half the story. As the anniversary date indicates, the Great Ocean Road was completed in 1932, at the height of the Great Depression. It provided work not only for returned servicemen, but also for thousands of unemployed a decade later. Many probably worked under both circumstances.

One of the disconcerting aspects of this pandemic is that there was no shortage of warnings. For decades, virologists foresaw the coincidence of urbanisation, human proximity with animals, climate change, and globalisation as ideal conditions for spreading deadly pathogens. Science journalists wrote books with titles such as The Coming Plague (Laurie Garrett) and Spillover (David Quammen), whose conclusions were amplified by TED-talking billionaires. SARS, MERS, Ebola, and swine flu were further clues. Yet come January 2020, authorities worldwide were slow, indecisive, and ill-prepared.

Obituaries for neoliberalism have been coming thick and fast in recent years. Resurgent populist governments appealing to white, middle-class values, with rich subsidies for privileged sectors but austerity for others, might sound the death knell for the self-regulating markets, small government, and economising rationality commonly associated with contemporary neoliberalism. ‘That key voices on the right,’ economist Richard Denniss recently quipped regarding Australia, now ‘devote so much time to advocating the importance of Western culture and Australian values is proof that they have abandoned the fundamental neoliberal tenet that economic growth can solve all social and environmental problems’.