Recovery from Depression: Australia in an Argentine Mirror: 1895-1913

Ian McLean

No 2005-19, School of Economics and Public Policy Working Papers from University of Adelaide, School of Economics and Public Policy

Abstract: The recovery from the 1890s depression in Australia was prolonged, and economic growth 1895-1913 was below that in the comparable settler economies of Argentina and Canada. Why? Australia's hesitant initial recovery is typically attributed to the imbalances in the economy resulting from the preceding boom, and its further delay to severe drought. Drawing on Argentine experience, it is suggested that additional factors need to be considered. Unlike Argentina, the unwillingness or inability of Australian governments to reschedule foreign debt or devalue the exchange rate exacerbated the slump. And the era of low-cost pioneer farming ended earlier than in Argentina (or Canada).

Pages: 32 pages
Date: 2005
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Related works:
Journal Article: RECOVERY FROM DEPRESSION: AUSTRALIA IN AN ARGENTINE MIRROR 1895–1913 (2006)
Working Paper: Recovery from Depression: Australia in an Argentine Mirror: 1895- 1913 (2005)
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