Australia in the Global Economy

Abstract

With the global economy in crisis, there is great need for a deeper understanding of Australia's economic place in the world – both today and throughout history. This new edition of Barrie Dyster and David Meredith's highly successful book is fully updated and includes three new chapters covering until the end of 2011. The book explores the evolution of Australia's position in the global economy from the start of the twentieth century through to the present day, examining the international and local economies of five key historical periods. With a focus on trade, foreign investment and immigration, the book considers periods both of growth and decline. By using historical perspectives to explain the present and give direction to the future, this unique book presents a rich account of Australia's position within a global economic context. It is an essential resource for students and lecturers of Australian economic history.

Turning Adversity into Opportunity: Philips in Australia, 1945-1980

“…19 MNEs that were able to operate in this club-like atmosphere were generally of British and American origin. 20 British MNEs may have found it easy to do so, because the Australian business environment had many similarities to that in the United Kingdom. They also benefited from the favorable tariff on imports from members of the British Commonwealth, particularly the United Kingdom, as per the 1932 Ottawa Agreement.…”

The Brand “Made in China” as a Part of the Growth of the China’s Competitive Advantage

“…China became the world's second largest economy in 2010, surpassing Japan (Meredith & Dyster, 2012). Rapid growth has averaged approximately nine percent between 1980(Datastream International, 2012.…”

Mass Migration and the Mass Society: Fordism, Immigration Policy and the Post‐war Long Boom in Canada and Australia, 1947–1970

“…4 Representing the apogee of the activist state and economic nationalism, the period was marked by the ascendance of consensual capital‐labour relations, the linkage of mass production and consumption, redistributive arrangements, and associated commitments to centralized socioeconomic planning and coordination (McBride and Shields 1993; Moran 2005, Harvey 1989). In terms of real economic growth, between 1950–69 Canada and Australia outstripped the U.S., the undisputed global economic and military hegemon: their economies grew at an annual average of 5.2 and 5.5% respectively, while the U.S. averaged 3.9% (Meredith and Dyster 1999, 157).…”

“…In both countries migration's unique contributions to domestic consumption were central in Keynesian forms of demand management. Given their, on average, lower ages and arriving with little in the way of personal possessions migrants displayed a high propensity towards purchasing housing, personal effects, public utilities and social overhead capital (DMI 1966, Meredith and Dyster 1999, Waterman 1972). The Canadian government observed that large migrant cohorts made “substantial addition[s]” to aggregate demand and represented a significant “advance towards the development of mass markets for goods and services” (DBS 1958, 6).…”

“…5 5 In proportional terms this influx exceeded that of America during its “golden age” of migration in the decades spanning the start of the 20 th century. From 1950–1969 Australia received 23% of all emigrants leaving Europe versus 22% for the United States – a particularly striking outcome considering that in 1960 America's population was eighteen times that of Australia (see Meredith and Dyster 1999; 148). …”