Treasurer Jim Chalmers begins his Monthly essay “Capitalism After the Crises” with a quote from the ancient Greek philosopher Heraclitus: “No man ever steps in the same river twice. For it’s not the same river, and he’s not the same man.”
Chalmers’ main point is that we need new economic thinking to deal with a new combination of crises. However, he actually addresses a very old issue – namely, the relationship between the state and the private sector.
