De-industrialisation, financialisation and Australia's macro-economic trap

Journal article


Weller, Sally and O'Neill, Phillip. (2014). De-industrialisation, financialisation and Australia's macro-economic trap. Cambridge Journal of Regions, Economy and Society. 7(3), pp. 509 - 526. https://doi.org/10.1093/cjres/rsu020
AuthorsWeller, Sally and O'Neill, Phillip
Abstract

The seemingly inexorable decline of manufacturing in Australia is typically explained by firm-level competitiveness, especially labour costs, the challenges posed by a peripheral location, and the (Dutch disease) effects of Australia's mining boom. We argue that such explanations are insufficient, and look instead to the way that processes of financialisation and the policy settings of other countries combine to inflate the value of the Australian currency and render trade exposed industries uncompetitive. We conclude that Australia is locked into a macroeconomic trap through which the global financial crisis is being exported to peripheral economies.

KeywordsAustralia; financiaisation; industry policy; manufacturing
Year2014
JournalCambridge Journal of Regions, Economy and Society
Journal citation7 (3), pp. 509 - 526
PublisherOxford University Press
ISSN1752-1378
Digital Object Identifier (DOI)https://doi.org/10.1093/cjres/rsu020
Scopus EID2-s2.0-84937539868
Page range509 - 526
Research GroupInstitute for Religion, Politics, and Society
Publisher's version
File Access Level
Controlled
Place of publicationUnited Kingdom
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