Paperback
290 pages
Australia and the Global Economy is a timely text which re-examines the importance of international
trade and globalisation to the Australian economy. In 2008-2009 the world
witnessed a spectacular collapse of confidence in financial markets. Many
thought that the world would re-enter into a Great Depression. Fearing
the worst, governments, central bankers and policy makers devised stimulus
measures designed to increase consumer spending and industrial
production. Although it would appear for now that a Great Depression has
been avoided, the world suffered a significant global recession, one that was
reported to be the most severe since World War II.
As Tim Harcourt states in his foreword, lessons from our economic history
remain as relevant today not only for Australia but also for the world’s
leading economies. Underlying much of the current Global Financial Crisis
has been the interlinked nature of the world’s financial markets and the
overall importance of international trade policy. The Australian economy
has remained resilient in light of the current crisis. Its relative
success with globalisation has been testament to Australia’s ability to not
only engage but also be an active participant in world trade and international
affairs.
