The 1970s, and the Whitlam and Fraser Periods

Tim Battin
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Tim Battin: University of New England

Chapter 4 in Abandoning Keynes, 1997, pp 81-106 from Palgrave Macmillan

Abstract: Abstract The main purpose of the previous chapter was to investigate the role of the evolving ideas and institutions associated with what we call the Keynesian revolution. It is the purpose of this chapter to contrast the policies of the pre-1975 period (again, notwithstanding their imperfections and the extent to which they were watered down) with the events after that time in order to demonstrate the palpable collapse of the Keynesian consensus. The years which seem to capture at least the manifest changes in government policy in Australia are from 1974 to 1977, and then a further shift after the election of the Hawke government in 1983. The economic and political background can be characterised as one of prosperity and optimism changing to austerity and caution to one of crisis. As Whitwell has observed, the 1970s represented a sudden, then increasingly protracted, departure from what had come to be considered ‘normality’. The 1970s saw the dissolution of a whole host of what were thought to be ‘usual’ or ‘traditional’ relationships.1

Keywords: Fiscal Policy; Economic Management; Inflationary Expectation; Labor Party; Mixed Economy (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14350-4_5

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DOI: 10.1007/978-1-349-14350-4_5

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