Preface to the Second Edition

A passage of 12 years and the onset of the global financial crisis in 2008 have made a second edition of this book timely. The crisis is far from over, but we hope that a perspective on the history of Australia’s relationship with the world economy over the long twentieth century will prove helpful in understanding current developments. The book has been revised throughout and some chapters have been altered substantially. The last three chapters update the story to the end of 2011, and the last two chapters are completely new. We have benefited greatly from the constructive comments and suggestions on the revised chapters made by anonymous referees, and wish to acknowledge their efforts. All remaining faults lie, as ever, with the authors. Philippa Whishaw and Kim Armitage provided patient advice and encouragement from the CUP offices in Melbourne throughout the process.

Overview of the book

Australia in the Global Economy is arranged chronologically. Chapter 1 presents the main themes and historical overview. Chapters 2 and 3 are concerned with Australia in the international economy before the outbreak of the First World War in 1914. Chapter 2 discusses changes in the international economy in the late nineteenth and early twentieth centuries, and looks at how these impacted on Australia. Chapter 3 examines Australia’s responses during this period in more detail.