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Economic Rationalism is loosely aligned to running a country as though it is a business. Inspired by powerful business interests that were strongly opposed to what they saw as government excess and inefficiency, economic rationalism set about rationalising government institutions.
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Economic rationalism as unemployment. 1. Introduction. Future economic historians will note three major themes in economic policy in Australia in the last quarter of the 20th century. They are: deregulation of the financial system, privatisation, and microeconomic reform.
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Economic rationalism is an Australian term often used in the discussion of macroeconomic policy, applicable to the economic policy of many governments around the world, in particular during the 1980s and 1990s.
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First deployed in the 1970s to commend the ‘economic rationality’ of Gough Whitlam’s Labor government, the term came to increasing prominence in the late 1980s and early 1990s to disparage market-oriented economic policies, economics and economists.