Economy

A spectre is haunting the healthcare system — the spectre of Big Pharma. Fears over the side effects of a widely used diabetes medication in Australia have revealed the power of big money and its influence on the healthcare system. The medication — known as Avandia — is under fire for potentially causing heart attacks and strokes in patients. The manufacturer, GlaxoSmithKline (GSK), is accused of hiding evidence of the drug’s harmful side-effects.
Brain science — neuroscience — is big business, big science and big research. Neuroscientists are offering to explain, mend and manipulate the mind. Many see no problems with this. For example, Eric Kandel, who won a Nobel Prize for his work on memory, said: “You are your brain.” This is an extraordinary, arid reductionism. This is the idea that you can collapse the complex phenomenon that goes on in the human mind into being simply the working of cells or molecules.
Five hundred people rallied outside the Perth Supreme Court Gardens on July 11 to demand that the coronial investigation into Mr Ward's tragic death be reopened. Mr Ward, a respected Aboriginal elder, was literally cooked to death in the back of a prisoner van while being driven from Laverton to Kalgoorlie to face court for a traffic offence in January 2008. The coroner found that temperatures inside the van reached 47° Celsius and that metal surfaces in the van would have reached 56°C.
Just days after the ALP replaced Kevin Rudd with Julia Gillard as PM, Rio Tinto boss Tom Albanese delivered a blunt warning to governments around the world, especially Third World governments, not to be tempted to go for what he called “resource nationalism”. “As you know, the original May proposal for a super tax caused a furious national debate in Australia”, Albanese told a gathering of mining executives and big investors at Lord's in London.
Twenty years ago, superannuation was an employment benefit enjoyed only by public sector workers and management level employees in the corporate sector. Most workers had no access to superannuation. Today “super” is an “industry” of great value and interest to finance capital. The $1.3 trillion in superannuation funds came in handy when the ongoing “great financial crisis” (GFC) began in 2008. It was a lifeline for Australian corporations caught short. What happened to create this behemoth?
Terrorism and the Economy — How the War on Terror is Bankrupting the World By Loretta Napoleoni Seven Stories Press, 176 pages Review by Thomas Kollmann With no end in sight to operations in Afghanistan, an incisive review of how the much-hyped international events of the last nine years have led us there is very welcome. Economist Loretta Napoleoni is renowned for throwing light on the murky world of the financing of terrorist groups.
The Council of Single Mothers and their Children (CSMC) has taken a stand, in solidarity with Indigenous single mothers in the Northern Territory, against the income management and Basics Card scheme. These policies were part of the NT intervention, rolled out across Aboriginal communities in 2007. Legislation passed in the Senate on June 21 amended the Social Security Act to allow income management to also be applied to non-Aboriginal people, across the NT and then eventually across Australia.
On June 19, six executives — the entire board of Australian mining corporation Sundance Resources — were killed in a plane crash in the Republic of the Congo. Australian politicians and the corporate media emphasised the tragedy of their untimely deaths, showering praise on the deceased.
Unions NSW has endorsed and is sponsoring the "stop the privatisation" forum organised by the New South Wales Teachers Federation (NSWTF). The NSWTF has invited speakers from a range of public sector unions, including the Public Sector Association, Nurses Association and Fire Brigade Employees Union. Speakers will show how the NSW government's privatisation agenda has damaged service delivery and caused job cuts and the erosion of wages and working conditions.
Poverty and inequality are at record levels according to a new report. The redistribution of wealth from poor to rich overseen by former prime minister Margaret Thatcher, and continued under Labour, will be accelerated by the huge public spending cuts proposed by the Conservative-Liberal Democrat coalition — unless they are stopped. The Institute of Fiscal Studies’ annual Poverty and Inequality in the UK report released in May makes for bleak reading. Incomes for most households had stagnated for the last seven years under Labour.

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