The economics of the Keating government have been replaced by the bogan economics of the new Rudd Labour era instead of the Banana Republic Australia is now the Bogan republic. The transatlantic financial crisis is putting considerable pressure on governments' to increase regulation, corporate governance and in some extreme cases renationalise companies. The nationalistic fervour of Boganites lends itself to policies that increase interferrence in markets. With the Olympics over the sport crazy nation is turning its attention to building the Ruddites in parliament. The European Commission the bastion of regulation is also under increasing pressure to place limits on financial institutions and bail out ailing businesses.

Hedge funds and mutual funds, as well as short selling are painted as the culprit for asset bubbles and the lack of liquidity of capital markets. Gordon Brown has been flying all over the world begging for money as well as attempting to reshape the Bretton Woods system and strenghthen corrporate governance structures more generally.

Afghanistan and Iraq have faded into media memory with headlines regarding struggling car manufacturers dominating government policy and the headspace of voters. What exactly is the world going to do with 3 billion new cars in 2009? Emerging markets have potential manufacture cars  and other consumer products for the growing disposable income classes in China and India.

Smart Industry development is needed to increase the competiveness and productivity of developed economies and the financial crisis is the perfect opportunity to reshape the working lives of many Australians. People need to work smarter not harder. The clever country idea needs to be revived in a world that has been transformed through war and financial chaos. During times of increasing geo-political tensions, ethnic conflict, and economic deprivation of many of the worlds' population, Australian thought they could count on the market as a bastion of stability. That sense has certainly gone and the only way to deal with it is to work 'smart' and develop new industries.