Support for free market orthodoxy is waning, but companies will be hoping politicians take the Biden approach of subsidies, rather than the Albanese approach of dictating prices, writes Karen Maley.
latest manifesto as a rite of passage for a Labor politician, a pro forma attack on neoliberalism akin to that penned by then-prime minister Kevin Rudd back in 2009.
This practice meant that consumers in advanced economies benefited from low prices for manufactured goods, but offshoring of manufacturing jobs hollowed out the industrial base of many developed countries, eventually leading to simmering social disruption and rising political populism.The backlash against “neoliberalism” and globalism has further gained strength from the shocks of the past two years.
And the increased frequency of weather disasters has further shattered confidence in the neoliberal doctrine, because free markets have so clearly failed to deal with climate change. The bill also boosts tax credits for companies such as ExxonMobil and Chevron that are betting on technology to trap carbon emissions from industrial plants and pump it underground.These incentives – which represent America’s most ambitious effort to combat climate change – have improved the financial viability of clean or renewable energy projects, and unleashed a flood of new investment.
Under pressure from Washington, Japan and the Netherlands last week agreed to restrict exports of chip manufacturing tools to China.that he’s in tune with the global zeitgeist in his suspicion of free market ideology. The huge trump card that the gas producers have is that although the government can dictate prices, it can’t force them to invest.
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