Abstract
This paper reviews various elements of the Australian experience of globalisation
and its consequences. Australia’s experience has many positive elements, but
involves challenges, and both are valuable to share in the context of the current
debate about the value of international economic integration.
The approach adopted in this paper is to review existing studies, rather than
conduct new research. Existing work on relevant topics is synthesised and policy
implications are identified.
The focus of this paper is the period since the 1970s, where a significant shift
out of an era of protection begins with a policy of significant tariff cuts in 1973.
Section 2 outlines some of the drivers that led to this policy shift.
Section 3 provides more detail on the movement across borders of goods,
services, capital, and people. The evolution of Australian policy in these areas is
reviewed. The broader context of microeconomic and macroeconomic reform is
outlined there too. Some of this material can be put into context by reference to
a much longer time period, and in other cases only more recent data are available,
or even a snapshot, depending on the scope of existing studies.
Section 4 identifies some of the consequences of these changes in terms
of structural change (including labour market adjustment), productivity, and
incomes.
The final part of the paper, Section 5, reviews some of the policy lessons and
identifies elements of the future reform agenda.
Original language | English |
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Title of host publication | Globalisation and its Economic Consequences |
Editors | Shujiro Urata and Ha Thi Thanh Doan |
Place of Publication | New York |
Publisher | Routledge |
Pages | 27-55 |
ISBN (Print) | 978-0-367-68266-8 |
Publication status | Published - 2021 |