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

Sally Weller and Phillip O’Neill

Cambridge Journal of Regions, Economy and Society, 2014, vol. 7, issue 3, 509-526

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.

Date: 2014
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1093/cjres/rsu020 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:cjrecs:v:7:y:2014:i:3:p:509-526.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Regions, Economy and Society is currently edited by Judith Clifton, Anna Davies, Betsy Donald, Emil Evenhuis, Stefania Fiorentino (Associate Editor), Harry Garretsen, Meric Gertler, Amy Glasmeier, Mia Gray, Robert Hassink, Dieter Kogler, Michael Kitson, Linda Lobao, Charles van Marrewijk, Ron Martin, Peter Sunley, Peter Tyler and Chun Yang

More articles in Cambridge Journal of Regions, Economy and Society from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().