In 1992, John Carroll and Robert Manne published Shutdown: The Failure of Economic Rationalism. This was the book that prompted me and two university friends, Chrises Jones and James, to co-edit A Defence of Economic Rationalism.
Eighteen years on, Carroll has written to The Australian to explain that he no longer supports the book’s conclusions:
To me now, the past two decades support the maxim: if in doubt, trust the free market.
Moreover, if the GFC signals anything it is to beware irresponsible government
Shutdown co-editor Robert Manne is hoping that he will be second-time lucky with Goodbye to All That: On the Failure of Neoliberalism and the Urgency of Climate Change.
It’s rare that public intellectuals will admit that they were wrong, so Carroll deserves congratulation for doing so.