Australia's Historical Globalization Process

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A Brief History of Australia’s Historical Globalisation Process

Brock Melmeth 43980220
Abstract
Australia’s historical account in terms of globalisation is accounted throughout the article via discussion of the process via the bridgehead economy, colonial and natural resource establishments, gold rush implications through to its protectionism and manufacturing industry outtake and thus the country’s structural change & liberalization movements. Concluding the article of an overview of its major steps of growth to its ever-changing embrace of Globalisation.
Introduction
In 1788, the economic establishment of a British colony in Australia was not exactly clear on how it would be beneficial. Although it was heard there was debatable government …show more content…
Institutions such as democratic political systems, secure property rights and rule of law associated with the global foundations of the incoming population fostered its growth. Additionally to New South Wales, four more colonies on the mainland where then established (1829) Western Australia, (1836) South Australia, (1851) Victoria and (1859). Queensland. Van Diemen’s Land (Tasmania after 1856) befitted a detached colony in 1825. After gaining responsible government from the 1850’s they federated in 1901, forming the Commonwealth of Australia.
Australia’s economic structure, significance of urbanization and population growth is shown below in tables 1 and 2.

Table 1
The Colonial Economy: Percentage Shares of GDP, 1891 Prices, 1861-1911 Pastoral Other rural Mining Manuf. Building Services Rent
1861 9.3 13.0 17.5 14.2 8.4 28.8 8.6
1891 16.1 12.4 6.7 16.6 8.5 29.2 10.3
1911 14.8 16.7 9.0 17.1 5.3 28.7 8.3
Source: Haig (2001), Table A1. Totals do not sum to 100 because of …show more content…
The depression of the 1890’s was softened by Western Australia’s gold discoveries but the huge economic growth of the stimulated 1850’s was unmatchable. Yet through this globalised introduction to Australia’s foundation, technological innovation was increasing and creating opportunities for more rural producers that are supported via government and not foreign investment. Rural and urban infrastructure increased until the end of the 1920’s as farmers moved onto the upmost marginal land, and the grasp on the global network falling as the terms of trade deteriorated due to world oversupply of many commodities after World War One. This all resulted in the rising burden of servicing Australia’s foreign debt. The global ties it had established as a capital exporter and importer of natural resources delivered an early arrival of the Great depression. From 1930 overseas collapse of capital markets and export prices forced the unemployment rate above 22%. Natural resources were still of high importance but the technical innovation and land settlement previously established secured economic growth once the Depression finally
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