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• W2200339596 abstract "For much of the post-war period, Australia’s economy was relatively insulated from international trade. In part, insulation reflected the costs arising from distance. However, the high levels of assistance provided to import-competing manufacturing during, and after World War II, also played an important role. Taken as a share of GDP, gross trade declined from the relatively high levels it had earlier achieved (Figure 1). By the 1960s, when trade levels in the other industrial countries were booming, Australia’s trade share seemed unreasonably low (Kuznets 1959). Sheltered behind protective walls, manufacturing expanded rapidly (Figure 2), with an industrial structure characterised by high levels of concentration, as a small number of firms shared the relatively small domestic market. Each of these firms (the larger ones frequently being foreign owned) produced too broad a range of products, using plants too small to ever achieve economies of scale, making what were intended to be promising ‘infant industries’ into premature geriatrics. Market disciplines being weak, managerial slack was pervasive, as was the sharing of rents through the system of centralised wage determination. All of this contributed to the slow rate of productivity growth identified as a central concern by the Vernon Committee and by the first OECD survey of Australia." @default.
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• W2200339596 date "1994-01-01" @default.
• W2200339596 modified "2023-09-23" @default.
• W2200339596 title "Internationalisation, Firm Conduct and Productivity" @default.
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