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

by Edited by R. G. Gregory , N. G. Butlin

ISBN13: 9780521526968

ISBN10: 0521526965

Format: Paperback

Pub. Date: 2002-07-08

Publisher(s): Cambridge University Press

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Summary

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.

List of Authors

List of Figures

vii

List of Tables

viii

Preface

An Overview

(32)

R.G. Gregory

Introduction

(1)

The severity of the depression

(12)

Role of policy

(9)

Some observations on policy and the recovery process

(5)

Unemployment in Australia

(2)

Concluding remarks

(3)

The Australian Recovery of the 1930s in International Comparative Perspective

(28)

Barry Eichengreen

Introduction

(2)

Analytical framework

(2)

Australia's recovery in international comparative perspective

(6)

Mechanisms linking devaluation and recovery

(10)

Was recovery different in land-abundant primary-producing economies?

(1)

Repercussions of Australian devaluation

(3)

Conclusion

(2)

Appendix

(2)

The Recovery of the 1930s and Economic Policy in Britain

(28)

T.J. Hatton

Recovery process

(20)

Econometric findings

(5)

Conclusion

(2)

Appendix

(1)

A Macro Interpretation of Recovery: Australia and Canada

(24)

Alan G. Green

Gordon R. Sparks

Introduction

(3)

Canadian --- U.S. economic interactions

(8)

Australian/Canadian experiences compared

100

(12)

Conclusions

112

(1)

Depression and Recovery in New Zealand

113

(23)

G.R. Hawke

Depression in New Zealand

113

(1)

Government's response

114

(7)

Private sector problems

121

(5)

Private sector response

126

(1)

Unintended policy effects

127

(4)

Extent of response

131

(3)

Conclusion

134

(2)

The Japanese Economy and Economic Policy in the 1930s

136

(16)

Yasukichi Yasuba

The Battle of the Plans: A Macroeconometric Model of the Interwar Economy

152

(21)

T.J. Valentine

Introduction

152

(1)

The model

153

(11)

The plans

164

(2)

Alternative policies

166

(4)

Conclusion

170

(3)

Australian Budgetary Policies in the 1930s

173

(20)

J.J. Pincus

Introduction

173

(4)

Overall budget position

177

(5)

Taxation

182

(1)

Interest bill

182

(3)

Capital spending and borrowing

185

(3)

Prices, wage rates and employment in public enterprises

188

(2)

Conclusion

190

(3)

Monetary Policy in Depression and Recovery

193

(24)

M.W. Butlin

P.M. Boyce

Introduction

193

(1)

Monetary policy in the depression

194

(14)

Monetary policy in the recovery: 1932--36

208

(7)

Conclusion

215

(2)

Sharing the Burden: The Australian Labour Market During the 1930s

217

(29)

R.C. Gregory

V. Ho

L. McDermott

Introduction

217

(2)

Real wages, tribunals and market forces

219

(12)

Output, employment and unemployment

231

(12)

Conclusion

243

(3)

Manufacturing and Economic Recovery in Australia, 1932--1937

246

(27)

Mark Thomas

Introduction

246

(1)

Structure and change in the Australian economy, 1919--1938

246

(2)

Mechanism of recovery

248

(1)

Import substitution

249

(6)

Competitiveness of Australian manufacturing

255

(5)

Explaining the import share

260

(9)

Manufacturing in the domestic economy

269

(1)

Conclusion

270

(3)

Agriculture and the Recovery from the Depression

273

(16)

B.R. Davidson

Background

273

(7)

Why did farm production increase during the depression?

280

(7)

Conclusion

287

(1)

Appendix

288

(1)

Unemployment and the Australian Economic Recovery of the 1930s

289

(22)

C. Forster

Introduction

289

(1)

Level of unemployment

290

(4)

Keating's unemployment estimates

294

(2)

New unemployment estimates

296

(3)

Natural rate of unemployment

299

(6)

Labour shortages in the 1930s

305

(2)

1930s in recent perspective

307

(2)

Conclusion

309

(2)

Government Unemployment Relief in the 1930s: Aid or Hindrance to Recovery?

311

(24)

G.D. Snooks

Introduction

311

(1)

System of public unemployment relief

312

(8)

Putting the unemployed to work

320

(8)

Did unemployment relief aid recovery?

328

(7)

Unequal Sacrifice: Distributional Aspects of Depression and Recovery in Australia

335

(22)

Ian W. McLean

Introduction

335

(1)

Inequality in the slump

336

(1)

Income inequality in 1933

337

(11)

Inequality in the recovery

348

(6)

Conclusion

354

(3)

References

357

(15)

Index

372

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

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Table of Contents