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Dynamics Downunder: Australian Economic Strategy and Performance from the Palaeolithic to the Twenty-first Century

Snooks, Graeme Donald

Description

This essay attempts to quantify and explain the economic performance of the Great South Land – later called Australia – from the first migrations some 60,000 years ago to the present, and beyond. A general dynamic theory – the ‘dynamic-strategy’ theory – has been employed to provide a new interpretation of ‘dynamics Downunder’. It is shown, among other things, that the bold attempt from the 1910s to the 1960s to turn aside from the traditional development policy of exogenously driven...[Show more]

dc.contributor.authorSnooks, Graeme Donald
dc.date.accessioned2007-06-18T04:24:06Z
dc.date.accessioned2011-01-05T08:39:01Z
dc.date.available2007-06-18T04:24:06Z
dc.date.available2011-01-05T08:39:01Z
dc.date.created2006-12
dc.identifier.isbn1 921262 10 9
dc.identifier.issn1442-8636
dc.identifier.urihttp://hdl.handle.net/1885/45259
dc.identifier.urihttp://digitalcollections.anu.edu.au/handle/1885/45259
dc.description.abstractThis essay attempts to quantify and explain the economic performance of the Great South Land – later called Australia – from the first migrations some 60,000 years ago to the present, and beyond. A general dynamic theory – the ‘dynamic-strategy’ theory – has been employed to provide a new interpretation of ‘dynamics Downunder’. It is shown, among other things, that the bold attempt from the 1910s to the 1960s to turn aside from the traditional development policy of exogenously driven natural-resource exploitation in order to embark on an endogenously determined dynamic process, has broken down during the course of the present generation. This was mainly due to a failure of ‘strategic leadership’ on the part of recent Australian governments that have, quite rightly, dismantled the framework of protection, but have failed to replace it with the infrastructure of strategically relevant technological ideas. Once again Australia’s economic prosperity depends heavily on the fluctuating fortunes of the global economy. While in the nineteenth century this took the form of reliance on the prosperity of Britain, today it centres on the continuing growth of Japan and China. This critical problem has been exacerbated by misconceived monetary policies that are damaging the central endogenous dynamic mechanism. What then of the future? It all depends on whether strategic leadership can ever be rediscovered.
dc.language.isoen
dc.publisherCentre for Economic Policy Research (CEPR), Research School of Social Sciences, The Australian National University
dc.relation.ispartofseriesDiscussion paper no.539
dc.subjectlong-run dynamics
dc.subjectdynamic-strategy theory
dc.subjectstrategic leadership
dc.subjectinflation targeting
dc.subjectstrategic demand
dc.titleDynamics Downunder: Australian Economic Strategy and Performance from the Palaeolithic to the Twenty-first Century
dc.typeWorking/Technical Paper
local.description.notesInvited paper for the World Economic Performance: Past, Present and Future conference5–6 December 2006, University of Queensland, Brisbane
local.description.refereedno
local.rights.ispublishedyes
dc.date.issued2006-12
local.type.statusPublished version
local.contributor.affiliationANU
local.contributor.affiliationCEPR, RSSS
dcterms.accessRightsOpen Access
CollectionsANU Centre for Economic Policy Research (CEPR)

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