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Why Australia prospered : the shifting sources of economic growth

Author: Ian W McLean
Publisher: Princeton : Princeton University Press, ©2013.
Series: The Princeton economic history of the Western world
Edition/Format:   Print book : EnglishView all editions and formats
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Offers a 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  Read more...

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Document Type: Book
All Authors / Contributors: Ian W McLean
ISBN: 9780691154671 0691154678
OCLC Number: 889873266
Description: xiv, 281 p. ; 24 cm.
Contents: List of Figures ix List of Tables xi Preface and Acknowledgments xiii Map xvi Chapter 1 Introduction: Weaving Analysis and Narrative 1 Chapter 2 What Is to Be Explained, and How 11 * Comparative Levels of GDP Per Capita 11 * Booms, Busts, and Stagnation in Domestic Prosperity 15 * Other Indicators of Economic Prosperity 19 * From Evidence to Analysis 25 * Extensive Growth and Factor Accumulation 27 * Growth Theory and Australian Economic Historiography 29 * Recent Themes in Growth Economics 32 Chapter 3 Origins: An Economy Built from Scratch? 37 * The Pre-1788 Economy of the Aborigines 38 * The Aboriginal Contribution to the Post-1788 Economy 42 * The Convict Economy and Its Peculiar Labor Market 44 * Further Features of the Economy Relevant to Later Prosperity 50 * British Subsidies and Australian Living Standards 53 Chapter 4 Squatting, Colonial Autocracy, and Imperial Policies 57 * Why the Wool Industry Was So Efficient 58 * Evolution of Political Institutions: From Autocracy to Responsible Government 63 * The Labor Market: Ending Transportation, Preventing Coolie Immigration 67 * Thwarting the Squatters: Land Policies to 1847 69 * Other Determinants of Early Colonial Prosperity 73 * The Argentine Road Not Taken 76 Chapter 5 Becoming Very Rich 80 * The Economic Effects of Gold: Avoiding the Resource Curse 84 * Sustaining Economic Prosperity Following the Rushes 90 * Consolidating Democracy and Resolving the Squatter- Selector Conflict 96 * Openness and Growth 100 * Rural Productivity and Its Sources 108 Chapter 6 Depression, Drought, and Federation 113 * Explaining Relative Incomes 113 * Eating the Seed Corn? 116 * Boom, Bubble, and Bust: A Classic Debt Crisis 119 * Why Was Recovery So Slow? Comparison with Other Settler Economies 125 * Tropics, Crops, and Melanesians: Another Road Not Taken 132 * Economic Effects of Federation 135 * Accounting for the Loss of the "Top Spot" in Income Per Capita 139 Chapter 7 A Succession of Negative Shocks 144 * Why Was the Economic Impact of World War I So Severe? 147 * Why No Return to Normalcy? 148 * Pursuing Rural Development--A Field of Dreams? 154 * Growth in Other Settler Economies 157 * Debt Crisis, Then Depression-- Policy Responses and Constraints 160 * Imperial Economic Links-- Declining Net Benefi ts 165 * Could the Post-1960 Mineral Boom Have Occurred Earlier? 170 * The Debate over Stagnant Living Standards 173 Chapter 8 The Pacific War and the Second Golden Age 176 * Why the Pacific War Fostered Domestic Growth 177 * The Golden Age Was Not Uniquely Australian 183 * Export Growth, Factor Inflows, and the Korean War Wool Boom 186 * Macroeconomic Theory and Policies--What Role? 191 * Location Advantage: Asian Industrialization and Changing Trade Partners 193 * High Tide for Australian Industrialization 196 * Underinvestment in Human Capital? 199 * The Debate over Postwar Growth Performance 205 Chapter 9 Shocks, Policy Shift s, and Another Long Boom 210 * Why Did the Postwar Economic Boom End? 212 * The Reemergence of a Booming Mining Sector 215 * Macroeconomic Management in the 1970s 217 * Economic Policy Shift s in the 1980s 219 * Reevaluations 224 * The Quarry Economy: The Return of Resources-Based Prosperity 228 * The Contribution of Economic Reforms to Productivity 235 * Sustaining Prosperity through Boom and Bubble--A Historical Perspective 241 Chapter 10 The Shifting Bases of Prosperity 246 Appendix Note on Statistics and Sources 257 References 259 Index 277
Series Title: The Princeton economic history of the Western world
Responsibility: Ian W. McLean.

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"[T]he first major economic history of Australia for 40 years."--Ross Gittins, Sydney Morning Herald "[R]emarkable... Why Australia Prospered distills decades of research and teaching to present an Read more...

 
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