This time around, Australia will probably be better off than in the Great Depression. We will be better off for similar reasons to the ones that made us worse off then. It is just that we made different choices 80 years on.
The events of the past 6 weeks should mean that the world realises the near end to free market capitalism of Adam Smith etc (and perhaps expressed in its most ugly form by Gordon Gecko in the film Wall Street). I have pulled together a number of articles that I wrote in the past and put them into one post. Read or skim where you wish.
The argument given by “traditionalists” that the market is best able to decide should by now be finished. The market is clearly not able to do so in some circumstances. Markets measure specific things and they are not always the things that matter to people. We should stop asking if the common good or free markets are the choice. Economic Darwinism is a falsehood and therefore we should move on and just say we want the greater good. If that means regulation then so be it. We are not in the 19th century anymore and we can do better.