New Zealand has had an appalling experience of privatisations. The sale of New Zealand Rail and Air New Zealand went so wrong that renationalisation was an imperative. Among the others there was the abject failure of Telecom to develop our telecommunications system despite monopoly profits, most of which went overseas with little reinvestment, the handover of our banking system to the Australian banks through the sale of the Trustee Savings Banks, the Bank of New Zealand and Postbank, only marginally remedied to date by the creation of Kiwibank; the scandalous bargain price sale of the Government Printing Office to kick start the empire of New Zealand and Australasia's wealthiest man, Graeme Hart; continuing dysfunction in the partially privatised electricity system which created blackouts, huge price increases, inadequate investment and still fails to provide reasonably priced and secure power; conferral of duopoly status in commercial radio through the sale of Radio New Zealand's commercial stations; the loss of huge potential for further processing in the sale of forestry cutting rights; and Housing Corporation mortgagees feeling defrauded when their mortgages were sold to private financiers.
A group of economics students, Making a Difference with Economics (MADE), from the University of Auckland Department of Economics, is going to discuss its concerns and hopes for the New Zealand economy. They will be presenting on the theme of intergenerational inequity.
This will be a challenging experience. If our economy continues to decline, the chances are these students will have to work a lot longer than this generation, pay for their own health care and clean up the planet after we have finished messing it up.
These students will go on to careers as opinion leaders and economists across the globe and will influence their generation.
What are their issues? Are they prepared to face the challenges we seem happy to avoid?
This free seminar, introduced and moderated by Associate Professor Rhema Vaithianathan, will be held 6.00-7.30pm, Wednesday 20th October 2010, in Room 310, Decima Glenn, Owen Glenn Building, University of Auckland Business School.
You can register here. If you know of others who may be interested, please take advantage of the 'Tell a Friend' feature on the registration page.