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Risk Shifts in Australia: Implications of the Financial Crisis

  • John Quiggin

    ()

    (Department of Economics, University of Queensland)

‘Risk’ has become a central theme in 21st-century policy thinking. In particular, there has been considerable discussion of the ‘Great Risk Shift’, that is, the process by which the burden of risk has been shifted away from governments and employers and on to workers and households. The financial crisis that began in 2007 has fundamentally transformed the problem of social and economic risk management. The outcomes remain hard to discern, but the central ideas of economic liberalism, dominant since the mid-1970s have clearly failed.

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Paper provided by Risk and Sustainable Management Group, University of Queensland in its series Australian Public Policy Program Working Papers with number WPP09_1.

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Date of creation: Jan 2009
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Handle: RePEc:rsm:pubpol:p09_1
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  1. Heifetz, Aviad & Meier, Martin & Schipper, Burkhard C., 2005. "Interactive Unawareness," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 52, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  2. Barr, Nicholas, 2001. "The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State," OUP Catalogue, Oxford University Press, number 9780199246595, March.
  3. Simon Grant & John Quiggin, 2005. "Learning and Discovery," Risk & Uncertainty Working Papers WP7R05, Risk and Sustainable Management Group, University of Queensland.
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