Actually Existing Markets: The Case of Neoliberal Australia

Lynne Chester

Journal of Economic Issues, 2010, vol. 44, issue 2, 313-324

Abstract: Neoliberalism has transformed markets supplying public goods. Analysis of five real-world Australian markets reveals the eligibility rules for access and ongoing participation, interaction of participants, the role of intermediaries and government, the extent of competition, complex regulatory regimes shaping and controlling these markets, and key market outcomes. Contrary to neoliberalism's free market rhetoric and the view promulgated by mainstream economics, a spectrum of market configurations and governance regimes were found along with participation being highly dependent on technology access and skills, market outcomes inconsistent with policy rhetoric, market interrelationships posing adverse cumulative impacts, and government is strongly interventionist through multiple roles.

Date: 2010
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DOI: 10.2753/JEI0021-3624440204

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