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This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Why Australia Prospered is a fascinating historical examination of how Australia cultivated and sustained economic growth and success. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries. Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.

Economic development --- Economics. --- Economic theory --- Political economy --- Development, Economic --- Economic growth --- Growth, Economic --- Australia --- New Holland --- Osṭralyah --- Usṭralyah --- Australie --- Avstralii︠a︡ --- Nova Hollandia --- Commonwealth of Australia --- Australiese Gemenebes --- أستراليا --- Usturāliyā --- كومنولث الأسترالي --- Kūmunwālth al-Usturālī --- Аўстралія --- Aŭstralii︠a︡ --- Australija --- Австралийски съюз --- Avstraliĭski sŭi︠u︡z --- Австралийският съюз --- Avstraliĭskii︠a︡t sŭi︠u︡z --- Mancomunitat d'Austràlia --- Awstralya --- Komonwelt sa Awstralya --- Australské společenství --- Australien --- Aŭstralio --- Komunejo de Aŭstralio --- Komunaĵo de Aŭstralio --- Austraalia --- Austraalia Ühendus --- Αυστραλία --- Aystralia --- Κοινοπολιτεία της Αυστραλίας --- Koinopoliteia tēs Aystralias --- אוסטרליה --- קהיליית אוסטרליה --- Ḳehiliyat Osṭralyah --- ʻAukekulelia --- Ausztrália --- Ausztrál Államszövetség --- Ástralía --- Samveldið Ástralía --- Negara Persemakmuran Australia --- Persemakmuran Australia --- Austrālijas Savienība --- Australijos Sandrauga --- Австралија --- Avstralija --- Комонвелтот на Австралија --- Komonveltot na Avstralija --- Државна заедница Австралија --- Državna zaednica Avstralija --- Aostralia --- Komanwel Australia --- Awstralja --- Ahitereiria --- Whakaminenga o Ahitereiria --- Австралия --- Австралийский Союз --- Avstraliĭskiĭ Soi︠u︡z --- Mancomunidad de Australia --- Awstralia --- Cymanwlad Awstralia --- Australian Government --- Government of Australia --- Economic policy --- オーストラリア --- Ōsutoraria --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Social sciences --- Economic man --- E-books --- IMPERIALISM -- 325.9 --- 19TH-20TH CENTURY -- 325.9 --- AUSTRALIA -- 325.3 --- PROSPERITY -- 325.3 --- NATURAL RESOURCES -- 325.3 --- GROWTH ENHANCING POLICY -- 325.3 --- IMPERIALISM -- 325.3 --- 19TH-20TH CENTURY -- 325.3 --- GROWTH ENHANCING POLICY -- 325.9 --- Австралийски съюз --- Австралийският съюз --- Австралийский Союз --- Aboriginal economy. --- Aboriginals. --- Asian industrialization. --- Australia. --- Australian colonies. --- Australian economy. --- Australian history. --- Britain. --- British government. --- China. --- European settlement. --- European settlers. --- First World War. --- GDP. --- India. --- Korean War. --- Second World War. --- agriculture. --- ancient lineage. --- capital flows. --- civilian consumption. --- domestic manufacturing. --- domestic savings. --- drought. --- economic fortunes. --- economic growth. --- economic miracles. --- economic prosperity. --- energy sources. --- farming. --- financial outlays. --- foreign investment. --- free immigrants. --- gold rushes. --- growth economics. --- import process. --- income level. --- industrialization. --- institutional innovation. --- international economic order. --- labor force. --- living standards. --- manufacturing. --- market-oriented approach. --- mineral production. --- mining. --- modernization. --- national prosperity. --- pastoral development. --- per capita income. --- policy reforms. --- political institutions. --- poor countries. --- postwar economic environment. --- poverty. --- productivity. --- prosperity. --- rich economies. --- rich economy. --- shifting basis. --- war outbreak. --- wool boom. --- wool industry. --- world depression. --- world energy. --- world trading system. --- History of Oceania with Australia --- anno 1800-1999 --- anno 1700-1799