Australia

doi:10.1017/9781316671603.012

11 - Australia

Prosperity, Relative Decline, and Reorientation

from Part I - Regional Developments

Published online by Cambridge University Press: 03 June 2021

Gary B. Magee

Edited by

Stephen Broadberry and

Kyoji Fukao

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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

Australia economic performance population economic openness productivity resources trade

Type: Chapter
Information: The Cambridge Economic History of the Modern World , pp. 306 - 326

DOI: https://doi.org/10.1017/9781316671603.012 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2021

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11 - Australia

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