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Recovery From Depression: Australia In An Argentine Mirror 1895-1913

  • IanW. McLean

The recovery from the 1890s depression in Australia was prolonged, and economic growth from 1895 to 1913 was below that in the comparable settler economies of Argentina and Canada. Why? Australia's hesitant initial recovery is typically attributed to the imbalances in the economy resulting from the preceding boom, and its further delay to severe drought. Drawing on Argentine experience, it is suggested that additional factors need to be considered. Unlike Argentina, the unwillingness or inability of Australian governments to reschedule foreign debt or devalue the exchange rate exacerbated the slump. And the era of low-cost pioneer farming ended earlier than in Argentina (or Canada). Copyright 2006 The Authors; Journal compilation Blackwell Publishing Asia Pty Ltd and the Economic History Society of Australia and New Zealand 2006.

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Article provided by Economic History Society of Australia and New Zealand in its journal Australian Economic History Review.

Volume (Year): 46 (2006)
Issue (Month): 3 (November)
Pages: 215-241

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Handle: RePEc:bla:ozechr:v:46:y:2006:i:3:p:215-241
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