From Free to Fair Markets: Liberalism after Covid

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Richard Holden (Professor of Economics, Professor of Economics, University of New South Wales) Rosalind Dixon (Professor of Law, Professor of Law, University of New South Wales)

From Free to Fair Markets

Liberalism after Covid

Richard Holden (Professor of Economics, Professor of Economics, University of New South Wales), Rosalind Dixon (Professor of Law, Professor of Law, University of New South Wales)

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English

Oxford University Press Inc
14 August 2022

Political science & theory; Political economy

A new vision of liberalism that is fair and capable of responding to the challenges of a post-COVID worldLiberalism--and its promise of market-led prosperity--was in crisis well before COVID-19. Recent decades have seen a rise in concentrated unemployment and long-term stagnation in real wages in many of the world's leading economies. At the same time, the world has witnessed a dramatic rise of corporate power, concentration of wealth.

and the failure of liberal societies to address some of the most pressing challenges of our time. To survive, liberalism will need a radical reboot-to find new ways of tackling the current challenges posed by corporate power, inequality, and climate change. In this book, Rosalind Dixon and Richard Holden argue this reboot means moving beyond recent neo-liberal versions of liberalism toward a more truly democratic form-from the idea of free markets to a vision of fair markets. The book offers a new vision of fair markets

as well as

the concrete policies and practical steps to make this ideal a reality. It proposes a universal green jobs-guarantee, a significant increase in the minimum wage and government support for wages, universal healthcare based on a two-track model of public and private provision, a new critical infrastructure policy for nation states to sit alongside a commitment to global free trade, and universal pollution taxes, with all proceeds returned directly to citizens by way of a green dividend. All of these policies combine a commitment to markets with democratic commitments to dignity for all citizens, and the regulation of markets in line with majority interests. By addressing underlying systemic problems of liberal societies and simultaneously emphasizing the importance of markets in ensuring the efficiency and sustainability of these policy solutions, Dixon and Holden present a vision of markets that are free, fair, and well-functioning, not simply free.

With clear-headed analysis of how to pay for these ideas and the kind of democratic politics needed to make them a reality, From Free to Fair Markets is an accessible articulation of a new economic path for liberal societies coming out of the COVID-19 pandemic.

By: Richard Holden (Professor of Economics Professor of Economics University of New South Wales), Rosalind Dixon (Professor of Law, Professor of Law, University of New South Wales)
Imprint: Oxford University Press Inc
Country of Publication: United States
Dimensions: Height: 150mm, Width: 226mm, Spine: 18mm
Weight: 386g
ISBN: 9780197625989
ISBN 10: 0197625983
Pages: 240
Publication Date: 14 August 2022
Audience: College/higher education , Primary
Format: Paperback
Publisher's Status: Active

Richard Holden is a professor of economics at University of New South Wales Business School. He is a fellow of the Econometric Society and of the Academy of the Social Sciences in Australia. Rosalind Dixon is a professor of law at the University of New South Wales, Faculty of Law and Justice, and Co-Director of the UNSW New Economic Policy Initiative.

Reviews for From Free to Fair Markets: Liberalism after Covid

At a time when many are pessimistic about the future of capitalism, Holden and Dixon provide a penetrating analysis of what is wrong and what to do about it. Their proposals are creative, insightful, provocative, and valuable.""-Oliver Hart, Harvard University, Nobel Laureate in Economics, 2016 Holden and Dixon provide a compelling vision of how modern democracies can respond to the challenges of inequality, automation, and climate change, without sacrificing economic efficiency and individual choice. It is a work of great clarity, creativity, and critical importance.""-Christina D. Romer, Garff B. Wilson Professor of Economics, University of California, Berkeley Holden and Dixon have identified one of the most pressing research topics of our time. Proposing solutions requires scholars with fertile imaginations who are willing to think big."" Justin Wolfers, Professor of Economics and Public Policy, University of Michigan