This article describes the evolution of the University of Sydney's political economy (PE) courses. It begins by describing what shaped the character and content of the PE courses that began in the 1970s. It then considers subsequent developments until 2008 when the PE program was shifted to the Faculty of Arts and Social Sciences. The third section completes the story by looking at the current character of the teaching program. Then, seeking to identify the key drivers of continuity and change, two further sections consider the broader influences on the program and discuss four distinctive issues within it: pluralism, neoclassicism, quantitative skills, and freedom to choose. In this way, the article moves from chronological description to more reflective and evaluative observations.
There is little dispute about the need to urgently reduce the use of fossil (a.k.a. 'natural') gas, as part of the global effort to address human contributions to climate change. Researchers have established that human wellbeing and the satisfaction of basic needs do not require dependence on fossil fuels, and that a good life for all is possible while remaining within planetary boundaries (Millward-Hopkins et al. 2020; O'Neill et al. 2018). Yet this is not happening in practice. No country is 'even close to achieving sufficient need satisfaction within sustainable levels of energy use' (Vogel et al. 2021:12). This article focuses on the situation in the Australian state of Victoria. Climate campaigners there, as elsewhere, want gas use to be rapidly reduced through regulation and greater investment in electrification and energy performance (Pears 2023). But fossil gas companies continue to invest and profit by selling gas to Victorian and other markets, and fears of gas shortages for winter heating are repeatedly stoked. The climate impacts of such investments are significant, not least because methane (CH4) emissions from leakage across production, supply and use have 80+ times the global warming potential of carbon dioxide (CO2) over a 20-year period (IEA 2024). Each delayed or rejected investment in fossil fuels thus reduces the cumulative emissions years into the future (a point repeatedly made by online science writer Ketan Joshi). The Victorian Government, alongside being a world-leader in efforts to reduce consumption, actively supports the gas industry. Seeking to unpack the different interests involved, this article draws on the Systems of Provision (SoP) approach in modern political economy (Chang 2022). Taking consumption as the end point in a chain of provisioning enables deeper understanding of how the energy system is shaped by interested parties. Household gas consumption can be understood as part of a system of provision dominated by corporations, enmeshed in circuits of global capital and enabled by state actors who are driven by geopolitical and domestic political interests. Concerns about energy scarcity and supply security, commonly presented as reasons to increase or at least maintain gas production are widely seen as linked directly to the creation of gas markets, now connected globally via gas exports. Revealing such dynamics shows how processes that create immense wealth for gas companies continue, despite being far removed from the goal of living within planetary boundaries. This article begins by providing background to Victorian gas consumption. The following section explains the SoP approach, leading into a review of the main agents involved in the supply of gas and consideration of the multi-faceted role played by the state.1 Attention then turns to ideological narratives around the importance of fossil gas to Victoria. The concluding section suggests how a SoP analysis like this may help to strengthen existing challenges to the currently unsustainable system.
During 'normal' times, central bankers like to project an image of boring integrity and impeccable professionalism, committed to keeping the national economy stable while remaining staunchly independent from special interests. During the decade following the Global Financial Crisis, however, when central banks had recourse to 'exceptional' measures like large-scale asset purchases, that image was often hard to maintain. The COVID-19 pandemic took those difficulties to an entirely new level. To stop the economy from sinking into a severe recession, central banks across the world were called upon to orchestrate a dramatic extension of the financial safety net. The same central bankers who pride themselves on being immune to politicians' preferences were now taking their orders directly from governments. As the pandemic era came to an end, central banks tried to restore the status quo-a task that became all the more pressing as inflation surged. However, many have struggled with this transition. Experiences vary across countries and regions, of course. The European Central Bank is quarantined, by design, from national political influence and public opinion. Challenges to central bank independence have been particularly prominent in the US, where both the left and the right seek a politicisation
