Recovery from the Depression: Australia and the World Economy in the 1930s

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R. G. Gregory, N. G. Butlin
Cambridge University Press, Jul 4, 2002 - Business & Economics - 396 pages
In Australia's economic history, as in the nation's politics and culture, the Great Depression is a dominant theme. An international group of economists and economic historians has collaborated, in this volume, to look at the ways in which Australia survived economic depression and recovered from it, in the context of international comparison. A range of different aspects of these questions are considered. Chapters look at both the agricultural sector and the manufacturing sector of Australia. The unemployment which dominated the period is considered, together with response to it by the labour market and by the state. Policies to deal with depression, in the areas of budgetary and monetary control are evaluated. The Australian experience is set in the wider context of the world economy, with comparisons made with Britain and Canada, with New Zealand and with Japan.
 

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Contents

AN OVERVIEW
1
The severity of the depression
2
Role of policy
14
Some observations on policy and the recovery process
23
Unemployment in Australia
28
Concluding remarks
30
THE AUSTRALIAN RECOVERY OF THE 1930s IN INTERNATIONAL COMPARATIVE PERSPECTIVE
33
Analytical framework
35
MONETARY POLICY IN DEPRESSION AND RECOVERY
193
Monetary policy in the depression
194
193236
208
Conclusion
215
SHARING THE BURDEN THE AUSTRALIAN LABOUR MARKET DURING THE 1930s
217
Real wages tribunals and market forces
219
Output employment and unemployment
231
Conclusion
243

Australias recovery in international comparative perspective
37
Mechanisms linking devaluation and recovery
43
Was recovery different in landabundant primaryproducing economies?
53
Repercussions or Australian devaluation
54
Conclusion
57
Appendix
59
THE RECOVERY OF THE 1930s AND ECONOMIC POLICY IN BRITAIN
61
Econometric findings
81
Conclusion
86
Appendix
88
A MACRO INTERPRETATION OF RECOVERY AUSTRALIA AND CANADA
89
CanadianUS economic interactions
92
AustralianCanadian experience compared
100
Conclusions
112
DEPRESSION AND RECOVERY IN NEW ZEALAND
113
Governments response
114
Private sector problems
121
Private sector response
126
Unintended policy effects
127
Extent of response
131
Conclusion
134
THE JAPANESE ECONOMY AND ECONOMIC POLICY IN THE 1930s
135
THE BATTLE OF THE PLANS A MACROECONOMETRIC MODEL OF THE INTERWAR ECONOMY
151
The model
153
The plans
164
Alternative policies
166
Conclusion
170
AUSTRALIAN BUDGETARY POLICIES IN THE 1930s
173
Overall budget position
177
Taxation
182
Capital spending and borrowing
185
Prices wage rates and employment in public enterprises
188
Conclusion
190
MANUFACTURING AND ECONOMIC RECOVERY IN AUSTRALIA 19321937
245
Structure and change in the Australian economy 19191938
246
Mechanism of recovery
248
Import substitution
249
Competitiveness of Australian manufacturing
255
Explaining the import share
260
Manufacturing in the domestic economy
269
Conclusion
270
AGRICULTURE AND THE RECOVERY FROM THE DEPRESSION
273
Why did farm production increase during the depression?
280
Conclusion
287
Appendix
288
UNEMPLOYMENT AND THE AUSTRALIAN ECONOMIC RECOVERY OF THE 1930s
289
Level of unemployment
290
Keatings unemployment estimates
294
New unemployment estimates
296
Natural rate of unemployment
299
Labour shortages in the 1930s
305
1930s in recent perspective
307
Conclusion
309
GOVERNMENT UNEMPLOYMENT RELIEF IN THE 1930s AID OR HINDRANCE TO RECOVERY?
311
System of public unemployment relief
312
Putting the unemployed to work
320
Did unemployment relief aid recovery?
328
UNEQUAL SACRIFICE DISTRIBUTIONAL ASPECTS OF DEPRESSION AND RECOVERY IN AUSTRALIA
335
Inequality in the slump
336
Income inequality in 1933
337
Inequality in the recovery
348
Conclusion
354
REFERENCES
357
INDEX
372
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