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The Australian Economy on the Hinge of History

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  • C. B. Schedvin

Abstract

The article traces the origins of the Australian economic crisis of the 1980s, and suggests that many problems can be related to the special character of the country's long‐term economic development. The dominance of two exceptional commodities, wool and gold, created a remarkably high standard of living in the nineteenth century. But there were dangers. High labour productivity was achieved without the underpinnings of modem technology, and it was difficult to achieve sustained industrialisation from a high income base in a small, open society. Further, the efficiency of traditional commodity production helped create an inward‐looking urban‐industrial sector. Gradually fundamental change in the composition of global trade has marginalised Australia's traditional export sector. The urgent need now is for an aggressive exploitation of the country's considerable resources in science and technology. If this is achieved the 1980s could see a basic shift in Australia's economic history.

Suggested Citation

  • C. B. Schedvin, 1987. "The Australian Economy on the Hinge of History," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 20(1), pages 20-30, March.
    • Handle: RePEc:bla:ausecr:v:20:y:1987:i:1:p:20-30
    DOI: 10.1111/j.1467-8462.1987.tb00654.x
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    1. P.D. Jonson & G.R. Stevens, 1983. "The 1930’s and the 1980’s: Some Facts," RBA Research Discussion Papers rdp8303, Reserve Bank of Australia.
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    Cited by:

    1. Malcolm Abbott & Jill Bamforth, 2022. "Determining the reasons for the failure of British aircraft manufacturers to invest in Australia's industry, 1934–1941," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 62(2), pages 105-122, July.
    2. Nicolas Grinberg, 2023. "From the British to the Chinese Periphery: Capital Accumulation Through Primary-Commodity Production in Australia and Argentina," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(2), pages 288-323, June.

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