OPINION: Even in market relationships like bilateral trade with China, economics has to take account of the balance of political power, writes Richard Holden.
One of the first things Anthony Albanese did as Prime Minister was to seek a reset in our relationship with China.
Economists often emphasise the importance of decentralised markets – and we’re right to do that. But there is a range of other economic settings where considerations well beyond commercial matters, or supply and demand, take centre stage. 40 per cent of our exports. And, because of its political and economic system, it is acting like a large, strategic player, rather than a collection of disparate corporate interests.for iron ore purchases and is forcing global suppliers to sell via that platform, giving it pricing power.
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