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Thursday, April 27, 2017

It's official -- neo-liberalism is a failure

From RNZ

Jim Bolger, the New Zealand Prime Minister who ran with the privatization movement, now deeply regrets his actions.  New Zealand has fared badly, he says in Guyon Espiner’s excellent RNZ series The 9th Floor, which consists of interviews with five ex NZ PMs: Geoffrey Palmer, Mike Moore, Jim Bolger, Jenny Shipley, Helen Clark.

Bolger says neoliberal economic policies have absolutely failed. It’s not uncommon to hear that now; even the IMF says so. But to hear it from a former National Prime Minister who pursued privatisation, labour market deregulation, welfare cuts and tax reductions – well, that’s pretty interesting.
“They have failed to produce economic growth and what growth there has been has gone to the few at the top,” Bolger says, not of his own policies specifically but of neoliberalism the world over. He laments the levels of inequality and concludes “that model needs to change.”

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