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Why Australia Prospered:
The Shifting Sources of Economic Growth
Ian W. McLean

Book Description | Reviews
Chapter 1 [in PDF format]

TABLE OF 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

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File created: 10/23/2013

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