By Denis Hay
Explore capitalism and its colonial roots, neoliberalism’s rise, and how Australians can build a fairer, more dignified future for all.
Picture this: It’s 1975. University is free. Hospitals are fully public and well-staffed. Roads, energy, and banking are government-owned and run in the public interest. Australian life is decent, affordable, and stable. But fast-forward to 2025 – you’re paying tolls on public roads, your child has HECS debt, rents are through the roof, and billionaires pay less tax than teachers. What happened?
We live under a system that most people can’t define, yet it governs every aspect of our lives. That system is capitalism. Not just trade, but a ruthless economic engine that feeds off colonial extraction, ecological destruction, and social exploitation. And its modern weapon? Neoliberalism.
This article explores the origin and spread of the neoliberal system, how neoliberalism was designed to suppress democracy, and how Australians can reclaim our nation’s future through economic justice and our sovereign currency.
Capitalism isn’t simply buying, selling, or running a business. Those are acts of commerce. What makes capitalism unique is the systematic commodification of three things: land, labour, and money. That process began around 1450, on the uninhabited island of Madeira, where the Portuguese launched the world’s first sugar plantation economy.
Location: Madeira, 15th century.
Action: Forests were razed. Land was privatised. People from the Canary Islands and West Africa were enslaved.
Thoughts: “There’s no one to stop us,” the colonisers said. “No commoners, no rules, no limits.”
This began a predatory economy: extract, exploit, exhaust – then move on. Boom. Bust. Quit. This model replicated across the Caribbean, South America, and eventually the globe. It was fast, violent, and immensely profitable, but burned through everything in its path.
After World War II, corporate rule faced a new threat: democracy. People wanted fair wages, social services, and protection from exploitation. In response, a new ideology appeared: neoliberalism. This wasn’t just an economic idea – it was a political weapon.
In 1947, thinkers like Friedrich Hayek and Ludwig von Mises formed the Mont Pelerin Society, funded by the super-rich. The society aimed to create a global network of “think tanks,” academics, journalists, and politicians to promote neoliberal ideas. Its goal was to dismantle the welfare state and privatise everything.
Quote: “The state is the oppressor of freedom.” – Friedrich Hayek
Australia was not immune. From the 1980s, both Labor and Liberal parties embraced neoliberalism:
• HECS replaced free education in 1989.
• Telstra, Qantas, and Commonwealth Bank were privatised.
• Medicare was underfunded, while private health insurance received subsidies.
• Public housing was gutted, replaced by support for private developers.
Emotion: Australians were told this was efficient and necessary. But wealth was siphoned upward behind closed doors, while services were cut downward.
Australia is a currency-issuing nation, meaning our federal government can never run out of money – it creates it. Unlike a household, it doesn’t need to “save up” or balance a budget. It can invest in anything we need: schools, hospitals, homes, jobs.
Thought: “Why are we told there’s not enough money for the homeless, but always enough for corporate subsidies and weapons deals?”
Real-world examples:
• Japan runs massive deficits and has full employment.
• Finland provides world-class education and social care.
We can do the same. The obstacle is not money – it’s political will.
To undo neoliberal damage, we must:
• Restore free public education at all levels.
• Fully fund Medicare and aged care.
• Build public housing on a national scale.
• End subsidies to fossil fuel giants.
• Introduce a Job Guarantee to ensure meaningful employment.
A just economy must be democratic. This means:
• Breaking up corporate media monopolies.
• Banning political donations from corporations.
• Empowering local government and community-led initiatives.
Predatory economies didn’t evolve naturally – they were systems imposed through force and supported by propaganda. Neoliberalism is its 20th-century mask, used to strip public wealth and dismantle democratic protections. But Australia can change course.
With our dollar sovereignty, we can fully fund the services we all need, prioritise people over profit, and ensure everyone lives with dignity.
Have you or someone you know struggled under Australia’s neoliberal policies? Share your story in the comments below.
Q1: Isn’t capitalism just human nature?
A: No. Trade is natural; the neoliberal system is based on extraction and exploitation, enforced through law and violence.
Q2: Won’t public investment cause inflation?
A: Only if spending exceeds real resources. Australia has unused capacity – we can invest without causing inflation.
Q3: What can I do to fight neoliberalism?
A: Vote strategically. Support independents. Challenge mainstream narratives. Join community campaigns. Speak out.
Do you see opportunities for community-driven change in Australia’s dollar sovereignty?
If you found this article insightful, explore more on political reform and Australia’s monetary sovereignty at Social Justice Australia.
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Money may make the world go round, but what is it exactly?
If this neoliberal system is ‘natural,’ why was so much force used to build it?
Neoliberalism as Creative Destruction.
This article was originally published on Social Justice Australia
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Denis, you need to go and have a full and frank discussion with Albo and his closest advisors.I wish you the best of luck.