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‘Does Farming Pay in Victoria?’ Profit Potential of the Farming Industry in Mid-Nineteenth-Century Victoria

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  • Dmytro Ostapenko

Abstract

type="main"> The conventional view of the fortunes of European newcomers who cropped land in mid-nineteenth-century Victoria is confined to a description of their difficulties. This article critically assesses the scope for profit-making in the local farming sector in the late 1830s to early 1870s. The microeconomic environment in which early colonial farmers operated is reconstructed in this article with the use of modern Michael Porter's five forces of competition model. The article shows the high profit potential of crop farming – even when on a small scale – throughout the period, with the exception of the last few years when intensified competition among farmers affected their profits.

Suggested Citation

  • Dmytro Ostapenko, 2014. "‘Does Farming Pay in Victoria?’ Profit Potential of the Farming Industry in Mid-Nineteenth-Century Victoria," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 54(1), pages 37-61, March.
    • Handle: RePEc:bla:ozechr:v:54:y:2014:i:1:p:37-61
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    1. Warwick Frost, 1994. "Agricultural Divesification and the Decline of Wheat: A Comparative Study of East Anglia, California and Central Victoria, 1850-1910," Working Papers 1994.16, School of Economics, La Trobe University.
    2. Maddock, Rodney & McLean, Ian, 1984. "Supply-Side Shocks: The Case of Australian Gold," The Journal of Economic History, Cambridge University Press, vol. 44(4), pages 1047-1067, December.
    3. Ian W. McLean & Martin P. Shanahan, 2007. "Australasian Economic History: Research Challenges And Big Questions," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 47(3), pages 300-315, November.
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