Australia In The World Economy

Explores the evolution of Australia's position in the global economy from the start of the twentieth century through to today.

Focusing on Australia’s position within the global economy, this thorough reference presents a striking picture of the interaction between politics and economics. Beginning with historical analysis of this relationship, the study presents Australia’s origins as a convict settlement through its development of self-governing colonies to its ultimate development as a federation. Addressing such questions as How did Australia transform from a protected, insular country to an outwardly focused, globalized one? and Why, in the current economic climate, should Australia resist a return to its protectionist past?, this extensively researched account argues that now, more than ever, the state has a responsibility to promote diversification of trade while regulating economic activity and ensuring that the benefits of growth are spread as widely as possible.

This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Why Australia Prospered is a fascinating historical examination of how Australia cultivated and sustained economic growth and success. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries. Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.

"The Global Economy in Australia offers a critical perspective on the processes of global integration, as well as the economic and political consequences for Australia and other smaller developed open economies." "Even though Australia still retains its political and economic sovereignty, the process of globalisation - dictating what is produced, where it is produced and how profitable it is - cannot be resisted by national economic policy. The state can exert some influence, but not to the extent our political leaders would have us believe. The authors argue that while we pursue an economic nationalist ideology, economic policy will continue to fail to deliver its promises. Meanwhile, the growing inequality in distribution of income is having alarming domestic political consequences." "Drawing on a rich store of international trade, finance and investment data, The Global Economy in Australia assesses this ideology of 'the national interest' and argues for a re-evaluation of our national accounting so that we can better understand the divisive processes of globalisation."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved

Globalisation was one of the most ubiquitous buzzwords of the late twentieth century, yet its meaning was often elusive. Retrenchments, trade alliances, global warming, currency devaluations, and so on are often explained as unavoidable consequences of globalisation, and even everyday things - from the food we eat to the television we watch and the clothes we wear - are apparently impacted upon by globalisation. This 1998 book provides an accessible exploration of the meanings and implications of globalisation. The discussion is carefully grounded in the changing social, economic, ecological, and political relationships of Australia. Global Nation? also looks at a range of existing and potential responses to the globalisation process, arguing that there may be alternatives, even though we are increasingly told that there are not.

The authors trace the relationship between Australia's economic well being and the international economy from the late nineteenth-century onwards. This book fills the need for an introductory text in this area for undergraduate students of economics, politics and history and for the general reader who wishes to understand how the Australian economy operates.

Australia and the Global Economy is a timely text which re-examines the importance of international trade and globalisation to the Australian economy. In 2008-2009 the world witnessed a spectacular collapse of confidence in financial markets. Many thought that the world would re-enter into a Great Depression. Fearing the worst, governments, central bankers and policy makers devised stimulus measures designed to increase consumer spending and industrial production. Although it would appear for now that a Great Depression has been avoided, the world suffered a significant global recession, one that was reported to be the most severe since World War II. As Tim Harcourt states in his foreword, lessons from our economic history remain as relevant today not only for Australia but also for the world's leading economies. Underlying much of the current Global Financial Crisis has been the interlinked nature of the world's financial markets and the overall importance of international trade policy. The Australian economy has remained resilient in light of the current crisis. Its relative success with globalisation has been testament to Australia's ability to not only engage but also be an active participant in world trade and international affairs.