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11 - Australia

Prosperity, Relative Decline, and Reorientation

from Part I - Regional Developments

Published online by Cambridge University Press:  03 June 2021

By
Gary B. Magee
Edited by
Stephen Broadberry  and
Kyoji Fukao
Stephen Broadberry
Affiliation:
University of Oxford
Kyoji Fukao
Affiliation:
Hitotsubashi University, Tokyo
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Summary

This chapter outlines the key contours of Australian economic history between 1870 and 2010 in a comparative perspective. Overall, the story it tells is a positive one, in spite of the vexing challenges that Australia has faced. Despite undergoing relative economic decline and a fundamental reorientation in the direction of its trade over this period, Australia emerged into the twenty-first century with its status as one of the world’s most prosperous and advanced societies intact. While numerous challenges remain unresolved, Australia’s experience to date provides a clear-cut example of a society where an abundance of natural resources has proved a blessing rather than a curse. The secret of Australia’s avoidance of the pitfalls that have befallen so many countries similarly blessed appears to lie in the ability of its institutions to adapt successfully in the face of changed circumstances while remaining supportive of innovative and productive activities.

Keywords

Australiaeconomic performancepopulationeconomic opennessproductivityresourcestrade
Type
Chapter
Information
The Cambridge Economic History of the Modern World , pp. 306 - 326
Publisher: Cambridge University Press
Print publication year: 2021

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  • Australia
  • Edited by Stephen Broadberry, University of Oxford, Kyoji Fukao, Hitotsubashi University, Tokyo
  • Book: The Cambridge Economic History of the Modern World
  • Online publication: 03 June 2021
  • Chapter DOI: https://doi.org/10.1017/9781316671603.012
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  • Australia
  • Edited by Stephen Broadberry, University of Oxford, Kyoji Fukao, Hitotsubashi University, Tokyo
  • Book: The Cambridge Economic History of the Modern World
  • Online publication: 03 June 2021
  • Chapter DOI: https://doi.org/10.1017/9781316671603.012
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Australia
  • Edited by Stephen Broadberry, University of Oxford, Kyoji Fukao, Hitotsubashi University, Tokyo
  • Book: The Cambridge Economic History of the Modern World
  • Online publication: 03 June 2021
  • Chapter DOI: https://doi.org/10.1017/9781316671603.012
Available formats
×