Australia’s development demonstrates that it is possible for a small and open economy heavily reliant on primary commodity exports—and initially without a strong and diversified industrial base—to achieve high per capita income with the right mix of domestic and external policies. The country’s wealth of experience in industrial policy—particularly in building and dismantling tariff protection and direct skills formation—offers important insights into designing policy to promote economic diversification and international competitiveness. The state has played a central role in Australia’s industrial progress. Successive governments have recognized that the state has to be responsible for regulations that may limit market activity in the interests of economic stability, such as promoting competition through regulation. A comprehensive tariff protection regime initially helped the manufacturing sector become internationally competitive.
|Title of host publication||Development and Modern Industrial Policy in Practice|
|Subtitle of host publication||Issues and Country Experiences|
|Place of Publication||United Kingdom|
|Publisher||Edward Elgar Publishing|
|Number of pages||41|
|Publication status||Published - 24 Apr 2015|