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1
ECON3600
TOPIC 4 – 1929-1974: ‘New model’ economic development
The 1930s Depression
While one can play around with the figures, the magnitude of the Depression is
indicated in broad terms by the fact that, over the (relatively few) years during which
the Depression was at its most severe aggregate GDP declined, on average, by 3 per
cent per annum.
The total number of people that this had to be shared around (i.e. the total population)
grew at a markedly slower rate than had been the case in the previous decade, due
largely to an almost complete cessation of immigration and a fall in the birth rate – the
latter a reaction to economic circumstances. The population still grew, however, at
around 1 per cent per annum on average, with the result that economic growth
(defined in terms of GDP/head) declined at an average yearly rate, over the early
years of the 1930s, of 4 per cent. In the worst year of the Depression (1931) this
figure was around 10 per cent.
The very obvious manifestation of this decline was the rate of unemployment. The
level of unemployment rose markedly from about the middle of 1929 to reach a peak
of 30 per cent in the June quarter of 1932. In other words at this time nearly 1 in 3
people looking for employment was unable to find it.
Not surprisingly the economic downturn had a fundamental social effect. In personal
terms, for many people, it was a traumatic experience, in both a material and
emotional sense. For many the effects were prolonged, and for some stayed with
them, influencing their attitudes for the rest of their lives.
Causes of the Depression
As previously noted, by the closing years of the 1920s Australia was already on a
downhill path in terms of the major economic indicators. Old model economic
development, which had received a second wind, enabling the development of rural
industries that made even more intensive use of land, and which seemed to provide
the basis for the much-sought economic expansion and increase in population, was
running out of steam.
There is little doubt, however, that events in the rest of the world are the major
explanation for the Depression and certainly for its severity. As one economic
historian has put it ‘the primacy of external factors is not in doubt’.
The plunge into Depression by the United States in 1929, and the knock-on effects of
this in just about every major industrialised country (including Great Britain) had
some fundamental implications for the small Australian economy, heavily dependent
as it was on rural exports.
.
1
ECON3600
TOPIC 4 – 1929-1974: ‘New model’ economic development
The 1930s Depression
While one can play around with the figures, the magnitude of the Depression is
indicated in broad terms by the fact that, over the (relatively few) years during which
the Depression was at its most severe aggregate GDP declined, on average, by 3 per
cent per annum.
The total number of people that this had to be shared around (i.e. the total population)
grew at a markedly slower rate than had been the case in the previous decade, due
largely to an almost complete cessation of immigration and a fall in the birth rate – the
latter a reaction to economic circumstances. The population still grew, however, at
around 1 per cent per annum on average, with the result that economic growth
(defined in terms of GDP/head) declined at an average yearly rate, over the early
years of the 1930s, of 4 per cent. In the worst year of the Depression (1931) this
figure was around 10 per cent.
The very obvious manifestation of this decline was the rate of unemployment. The
level of unemployment rose markedly from about the middle of 1929 to reach a peak
of 30 per cent in the June quarter of 1932. In other words at this time nearly 1 in 3
people looking for employment was unable to find it.
Not surprisingly the economic downturn had a fundamental social effect. In personal
terms, for many people, it was a traumatic experience, in both a material and
emotional sense. For many the effects were prolonged, and for some stayed with
them, influencing their attitudes for the rest of their lives.
Causes of the Depression
As previously noted, by the closing years of the 1920s Australia was already on a
downhill path in terms of the major economic indicators. Old model economic
development, which had received a second wind, enabling the development of rural
industries that made even more intensive use of land, and which seemed to provide
the basis for the much-sought economic expansion and increase in population, was
running out of steam.
There is little doubt, however, that events in the rest of the world are the major
explanation for the Depression and certainly for its severity. As one economic
historian has put it ‘the primacy of external factors is not in doubt’.
The plunge into Depression by the United States in 1929, and the knock-on effects of
this in just about every major industrialised country (including Great Britain) had
some fundamental implications for the small Australian economy, heavily dependent
as it was on rural exports.
2
Both the demand for exports and their price (which had been falling anyway in the
years prior to the Depression) fell sharply and so did the income earned from them.
From a national point of view this income was vital in paying the large interest bill
incurred by the high level of borrowing that had been undertaken earlier in the 1920s.
Thus the h ...
KCIs - EXAMPLE WILLIAM RICHMOND ‘old model’ econom.docxDIPESH30
KCIs - EXAMPLE
WILLIAM RICHMOND
‘old model’ economic development
The term has been used to describe Australian economic development (as measured by
the European yardstick of increases in GDP) up to the end of the 1920s. The central
characteristic of the period is that rural industries (i.e. those based on the use of land)
provided the main basis of economic development (i.e. increases in GDP). Three phases
of ‘old model’ have been identified: the first, until about 1860 when new land was being
brought into use; the second, until about 1890 when capital was being applied to land so
that land could be used more intensively for the grazing of sheep and the production of
wool; and the third, until the end of the 1920s when the more intensive use of land was
based on the ‘new rural industries, i.e. those involving the use of land for agriculture
rather than the grazing of sheep. It was the second of these phases that resulted in a rapid
increase in production) and a level of GDP per head considerably in excess of any other
comparable country.
trade protection
This term refers to a policy of protecting (or shielding) producers within an economy
from competition from overseas producers. In Australian economic history it refers
particularly to the protection of producers within the manufacturing sector, in order that
the Australian manufacturing sector could develop. The main instrument of the policy
was the tariff (in effect a tax on imports) which made overseas produced goods less
competitive relative to domestically produced goods. The policy was implemented in the
1920s when there were major increases in tariff levels, and in the context of the 1930s
Depression, this being one factor in the relatively rapid recovery from the Depression.
The policy continued to characterise the Australian economy in post-WWII decades. In
so far as trade protection resulted in the extensive development of industries that were
economically inefficient it has been held to be one of the main factors underlying the
poor economic performance of the Australian economy for most of the twentieth century.
the price of iron ore since the year 2000
The price of iron ore was approximately $12-$14 per tonne in the early 2000s then started
to increase sharply after 2004, reaching a peak of nearly $180 per tonne in 2011. After
this time it fell steadily to about $50 - $60 per tonne. The significance of this lies in the
fact that iron ore is the largest export commodity. There were major positive economic
effects through linkages to other industries, both through the expenditure of incomes
made by owners and employees and (‘backwards’) through the supply of inputs to
producers of iron ore. There was also large-scale investment associated with the
development of new mines and on infrastructure associated with mining projects. A
further effect was that the value of the Australian dollar (because ...
The presentation tells about all the aspects that led to the great economic depression in 1929. All the historical, financial and other factors are looked upon with the help of online available data.
Explain how the current economic recession differs from the depressio.pdfrozakashif85
Explain how the current economic recession differs from the depression in the 1930\'s.
Solution
The Great depression was worldwide. It was due to the collapse of the international financial
system It also resulted from the mutual adoption by many countries ( including USA) of high-
tariff policies, which were intended to keep out foreign goods in order to protect domestic
producers. The policies were called \"beggar thy neighbour\" strategies since they attempted to
\"export\" unemployment by improving one country\'s trade position and hence demand for its
goods at the expense of its trading partners And , of course, if each country keeps out foreign
goods, the volume of world trade declines, providing a contractionary influence on the world
economy
Almost every country suffered a deep recession in the 1930s, but some countries did better than
USA Sweden began an expansionary policy in the early 1930s and reduced its unemployment
relatively quicker Britain\'s economy suffered high unemployment but in 1931 it went off the
gold standard and the ensuing devaluation of the pound sterling set the stage for some
improvement. Germany grew rapidly after Hitler came to power and expanded government
spending. China escaped the recession until after 1931, because it had a floating exchange rate.
In 1938, real GNP in US rose above its 1929 level for the first time in the decade, but it was not
until 1942 , after the US formally entered world war II , that the unemployment rate finally fell
below 5%
The experience of the US in the early 1980s- the worst recession since the Great Depression,
casts doubt on the optimistism of recovery. During the 1980s, the US experienced the largest
sustained budget deficits in its peacetime history. Even so cutting spending or raising taxes was
not politically popular. Gradually, in the 1990s, the deficit began to be brought under control,
and toward the end of the decade the budget swung into surplus.This was due to raising the
prices and government spending.
By,
Nishant Bhatt.
1
Your Name:
Instructor’s Name:
Class Information:
Date:
Great Depression of the American Economy
Great Depression was an austerely down trend in the economic activity of the world in the decade foregoing World War II. The time duration or rather the time for the Great Depression Was not fixed. It varied from countries to countries. However, in many countries it was experienced in the year 1930 and it lasted till the midst of 1940. The time duration for the Great Depression was for a longer period of time and it was considered the longest as well as the deepest depression of the twentieth century
The beginning point of the Depression was the fall or the crash in the stock market in U.S. The fall in the prices of stock began in the year 1929 on 4th September and the stock market crashed on the 29th of October in the year 1929. This day was known as the Black Tuesday.
The Great Depression affected severely all the sections and the class of the society in the countries including the rich and the poor. Profit Margin and the prices of the goods and services severely dropped and if the amount of revenue and taxes collected also had a devastating fall which had severe negative effect on the economy. The level of Unemployment rose in U.S. and it was depicted that around twenty percent of unemployment rate increased in U.S. whereas, in other countries the level of Unemployment rose to thirty three percent which was the highest ever increase in the rate of the unemployment process.
All the cities around the world were suffering due to this depression and especially those cities or countries whose backbone was heavy industry, construction industries because this industry totally turned downed and halted in various countries. Due to the depression the agriculture sector was also effected as because the prices of the crop also fell to around sixty percent.
Due to unemployment the primary sector was also affected, activities such as mining, logging and cash cropping was effected a lot.
There were various causes for the depression in the year 1929. These comprised of the primary weaknesses and definite events that led to a major depression and the way in which the severe depression profused from country to country was simply devastating. According to the historians the main cause or the real reason behind the great depression was failure of the bank and the crash or the fall of the stock market. However, the various monetarist economist such as Milton Friedman, Peter Temin and Barry Eichengreen states that the major cause behind the depression was the inappropriate action considered or adopted by the US Federal Reserve and the limited supply of the money and the decision of Britain for returning of gold standard before the World War.
The activity of business and the period of Boom and depression in the business and recession are considered or rather regarded as the normal activity for the business and are considered normal. However, what are t.
The economic depression of the 1930s, known as the Great Depression, originated in the United States in 1929 and lasted until 1939. It was the longest and most severe depression in modern history, resulting in widespread unemployment, poverty, and deflation as gross domestic product and global trade fell sharply. The causes included stock market crashes, drought, declining asset prices, bank failures, debt deflation, and the Smoot-Hawley Tariff Act. Countries began recovering in the early-to-mid 1930s as they abandoned the gold standard and expanded their money supplies, with the U.S. recovery accelerating after 1933 under President Roosevelt's New Deal programs.
The Great Depression began in 1929 and had widespread global impacts. It originated from overproduction in Europe and the US in 1929 which caused a decline in demand. This precipitated the Wall Street crash and began a downward economic spiral. Prices dropped significantly along with personal income and tax revenue. International trade declined over 50% and unemployment rose to 25-33% in most developed and developing countries. The depression lasted until World War II began in 1933, as government war spending caused a recovery. Russia was unaffected by the depression while many Western nations struggled economically in the late 1920s and early 1930s.
The document provides details about the Great Depression that occurred from 1929 to the late 1930s. It describes how the stock market crash of 1929 led to widespread bank failures as people withdrew their deposits. This caused many businesses to cut wages or lay off workers, resulting in high unemployment. Some key effects included a 30% drop in GDP, mass unemployment, reduced industrial production and exports, and social impacts such as migration within the US. The Depression affected other countries globally due to reduced international trade and their dependence on exporting to the US and other nations.
1
ECON3600
TOPIC 4 – 1929-1974: ‘New model’ economic development
The 1930s Depression
While one can play around with the figures, the magnitude of the Depression is
indicated in broad terms by the fact that, over the (relatively few) years during which
the Depression was at its most severe aggregate GDP declined, on average, by 3 per
cent per annum.
The total number of people that this had to be shared around (i.e. the total population)
grew at a markedly slower rate than had been the case in the previous decade, due
largely to an almost complete cessation of immigration and a fall in the birth rate – the
latter a reaction to economic circumstances. The population still grew, however, at
around 1 per cent per annum on average, with the result that economic growth
(defined in terms of GDP/head) declined at an average yearly rate, over the early
years of the 1930s, of 4 per cent. In the worst year of the Depression (1931) this
figure was around 10 per cent.
The very obvious manifestation of this decline was the rate of unemployment. The
level of unemployment rose markedly from about the middle of 1929 to reach a peak
of 30 per cent in the June quarter of 1932. In other words at this time nearly 1 in 3
people looking for employment was unable to find it.
Not surprisingly the economic downturn had a fundamental social effect. In personal
terms, for many people, it was a traumatic experience, in both a material and
emotional sense. For many the effects were prolonged, and for some stayed with
them, influencing their attitudes for the rest of their lives.
Causes of the Depression
As previously noted, by the closing years of the 1920s Australia was already on a
downhill path in terms of the major economic indicators. Old model economic
development, which had received a second wind, enabling the development of rural
industries that made even more intensive use of land, and which seemed to provide
the basis for the much-sought economic expansion and increase in population, was
running out of steam.
There is little doubt, however, that events in the rest of the world are the major
explanation for the Depression and certainly for its severity. As one economic
historian has put it ‘the primacy of external factors is not in doubt’.
The plunge into Depression by the United States in 1929, and the knock-on effects of
this in just about every major industrialised country (including Great Britain) had
some fundamental implications for the small Australian economy, heavily dependent
as it was on rural exports.
2
Both the demand for exports and their price (which had been falling anyway in the
years prior to the Depression) fell sharply and so did the income earned from them.
From a national point of view this income was vital in paying the large interest bill
incurred by the high level of borrowing that had been undertaken earlier in the 1920s.
Thus the h ...
KCIs - EXAMPLE WILLIAM RICHMOND ‘old model’ econom.docxDIPESH30
KCIs - EXAMPLE
WILLIAM RICHMOND
‘old model’ economic development
The term has been used to describe Australian economic development (as measured by
the European yardstick of increases in GDP) up to the end of the 1920s. The central
characteristic of the period is that rural industries (i.e. those based on the use of land)
provided the main basis of economic development (i.e. increases in GDP). Three phases
of ‘old model’ have been identified: the first, until about 1860 when new land was being
brought into use; the second, until about 1890 when capital was being applied to land so
that land could be used more intensively for the grazing of sheep and the production of
wool; and the third, until the end of the 1920s when the more intensive use of land was
based on the ‘new rural industries, i.e. those involving the use of land for agriculture
rather than the grazing of sheep. It was the second of these phases that resulted in a rapid
increase in production) and a level of GDP per head considerably in excess of any other
comparable country.
trade protection
This term refers to a policy of protecting (or shielding) producers within an economy
from competition from overseas producers. In Australian economic history it refers
particularly to the protection of producers within the manufacturing sector, in order that
the Australian manufacturing sector could develop. The main instrument of the policy
was the tariff (in effect a tax on imports) which made overseas produced goods less
competitive relative to domestically produced goods. The policy was implemented in the
1920s when there were major increases in tariff levels, and in the context of the 1930s
Depression, this being one factor in the relatively rapid recovery from the Depression.
The policy continued to characterise the Australian economy in post-WWII decades. In
so far as trade protection resulted in the extensive development of industries that were
economically inefficient it has been held to be one of the main factors underlying the
poor economic performance of the Australian economy for most of the twentieth century.
the price of iron ore since the year 2000
The price of iron ore was approximately $12-$14 per tonne in the early 2000s then started
to increase sharply after 2004, reaching a peak of nearly $180 per tonne in 2011. After
this time it fell steadily to about $50 - $60 per tonne. The significance of this lies in the
fact that iron ore is the largest export commodity. There were major positive economic
effects through linkages to other industries, both through the expenditure of incomes
made by owners and employees and (‘backwards’) through the supply of inputs to
producers of iron ore. There was also large-scale investment associated with the
development of new mines and on infrastructure associated with mining projects. A
further effect was that the value of the Australian dollar (because ...
The presentation tells about all the aspects that led to the great economic depression in 1929. All the historical, financial and other factors are looked upon with the help of online available data.
Explain how the current economic recession differs from the depressio.pdfrozakashif85
Explain how the current economic recession differs from the depression in the 1930\'s.
Solution
The Great depression was worldwide. It was due to the collapse of the international financial
system It also resulted from the mutual adoption by many countries ( including USA) of high-
tariff policies, which were intended to keep out foreign goods in order to protect domestic
producers. The policies were called \"beggar thy neighbour\" strategies since they attempted to
\"export\" unemployment by improving one country\'s trade position and hence demand for its
goods at the expense of its trading partners And , of course, if each country keeps out foreign
goods, the volume of world trade declines, providing a contractionary influence on the world
economy
Almost every country suffered a deep recession in the 1930s, but some countries did better than
USA Sweden began an expansionary policy in the early 1930s and reduced its unemployment
relatively quicker Britain\'s economy suffered high unemployment but in 1931 it went off the
gold standard and the ensuing devaluation of the pound sterling set the stage for some
improvement. Germany grew rapidly after Hitler came to power and expanded government
spending. China escaped the recession until after 1931, because it had a floating exchange rate.
In 1938, real GNP in US rose above its 1929 level for the first time in the decade, but it was not
until 1942 , after the US formally entered world war II , that the unemployment rate finally fell
below 5%
The experience of the US in the early 1980s- the worst recession since the Great Depression,
casts doubt on the optimistism of recovery. During the 1980s, the US experienced the largest
sustained budget deficits in its peacetime history. Even so cutting spending or raising taxes was
not politically popular. Gradually, in the 1990s, the deficit began to be brought under control,
and toward the end of the decade the budget swung into surplus.This was due to raising the
prices and government spending.
By,
Nishant Bhatt.
1
Your Name:
Instructor’s Name:
Class Information:
Date:
Great Depression of the American Economy
Great Depression was an austerely down trend in the economic activity of the world in the decade foregoing World War II. The time duration or rather the time for the Great Depression Was not fixed. It varied from countries to countries. However, in many countries it was experienced in the year 1930 and it lasted till the midst of 1940. The time duration for the Great Depression was for a longer period of time and it was considered the longest as well as the deepest depression of the twentieth century
The beginning point of the Depression was the fall or the crash in the stock market in U.S. The fall in the prices of stock began in the year 1929 on 4th September and the stock market crashed on the 29th of October in the year 1929. This day was known as the Black Tuesday.
The Great Depression affected severely all the sections and the class of the society in the countries including the rich and the poor. Profit Margin and the prices of the goods and services severely dropped and if the amount of revenue and taxes collected also had a devastating fall which had severe negative effect on the economy. The level of Unemployment rose in U.S. and it was depicted that around twenty percent of unemployment rate increased in U.S. whereas, in other countries the level of Unemployment rose to thirty three percent which was the highest ever increase in the rate of the unemployment process.
All the cities around the world were suffering due to this depression and especially those cities or countries whose backbone was heavy industry, construction industries because this industry totally turned downed and halted in various countries. Due to the depression the agriculture sector was also effected as because the prices of the crop also fell to around sixty percent.
Due to unemployment the primary sector was also affected, activities such as mining, logging and cash cropping was effected a lot.
There were various causes for the depression in the year 1929. These comprised of the primary weaknesses and definite events that led to a major depression and the way in which the severe depression profused from country to country was simply devastating. According to the historians the main cause or the real reason behind the great depression was failure of the bank and the crash or the fall of the stock market. However, the various monetarist economist such as Milton Friedman, Peter Temin and Barry Eichengreen states that the major cause behind the depression was the inappropriate action considered or adopted by the US Federal Reserve and the limited supply of the money and the decision of Britain for returning of gold standard before the World War.
The activity of business and the period of Boom and depression in the business and recession are considered or rather regarded as the normal activity for the business and are considered normal. However, what are t.
The economic depression of the 1930s, known as the Great Depression, originated in the United States in 1929 and lasted until 1939. It was the longest and most severe depression in modern history, resulting in widespread unemployment, poverty, and deflation as gross domestic product and global trade fell sharply. The causes included stock market crashes, drought, declining asset prices, bank failures, debt deflation, and the Smoot-Hawley Tariff Act. Countries began recovering in the early-to-mid 1930s as they abandoned the gold standard and expanded their money supplies, with the U.S. recovery accelerating after 1933 under President Roosevelt's New Deal programs.
The Great Depression began in 1929 and had widespread global impacts. It originated from overproduction in Europe and the US in 1929 which caused a decline in demand. This precipitated the Wall Street crash and began a downward economic spiral. Prices dropped significantly along with personal income and tax revenue. International trade declined over 50% and unemployment rose to 25-33% in most developed and developing countries. The depression lasted until World War II began in 1933, as government war spending caused a recovery. Russia was unaffected by the depression while many Western nations struggled economically in the late 1920s and early 1930s.
The document provides details about the Great Depression that occurred from 1929 to the late 1930s. It describes how the stock market crash of 1929 led to widespread bank failures as people withdrew their deposits. This caused many businesses to cut wages or lay off workers, resulting in high unemployment. Some key effects included a 30% drop in GDP, mass unemployment, reduced industrial production and exports, and social impacts such as migration within the US. The Depression affected other countries globally due to reduced international trade and their dependence on exporting to the US and other nations.
This slide is the overview of USA's great Downturn or great Depression in 1929 to 1933 in which USA GDP nearly decreased to 33% while the unemployment rate rose to 25% it describes some of the features of depression in economies and their effects on them. It also gives a few indications of depression that how it we can know that any economy is in depression. It tells us few statistics of unemployment during depression of USA
Lessons from the Great Depression for Economic Recovery in 2009Peter Ho
This document discusses lessons from the Great Depression that may help guide economic recovery efforts in 2009. It notes that while the current recession is severe, it is less severe than the Great Depression. It outlines parallels between the two events, including their origins in financial crises and asset price declines. The document discusses four key lessons from the 1930s: 1) small fiscal stimulus had limited effects so a large stimulus is needed; 2) monetary policy can help even at low rates by affecting expectations; 3) stimulus should not be withdrawn too soon; and 4) financial stability and real recovery go hand in hand. The goal is to apply these lessons to end the current recession.
The Great Depression began after a period of economic growth and optimism in the 1920s. Speculation was rampant and many believed the boom would continue indefinitely. However, on October 29, 1929, the stock market crashed, marking the beginning of a decade long economic decline. GDP was halved, unemployment rose to 25%, farm prices and incomes dropped sharply. Several factors contributed to the depression, including uneven economic growth that did not benefit all sectors, high consumer debt levels, overproduction, and an unstable construction industry. Government policies also exacerbated problems through high tariffs, a regressive tax system, and lax financial regulations. President Hoover's policies failed to stimulate the economy or stabilize international finance. It was not until Roosevelt
The document summarizes the key events and impacts of the Great Depression, which began with the U.S. stock market crash in October 1929 and spread worldwide. It discusses several potential causes, including the stock market crash, aftermath of WWI, and bank failures in the U.S. The Depression had widespread psychological, cultural, political, and economic effects around the world. It caused high unemployment, business failures, and government responses like public works programs. While political changes occurred in some countries, the U.S. experienced less change due to its long history of democracy and belief in the American Dream.
The Great Depression began with the 1929 stock market crash in the United States and spread worldwide. Mass unemployment rose as production decreased without consumers to buy goods, creating a vicious cycle. Governments struggled to respond effectively. Roosevelt enacted the New Deal in the US, including the NRA to regulate prices and wages, and the WPA to employ many. Scandinavia used deficit spending on public works to create jobs. Britain recovered by 1937 as it focused on its national market, while political instability prevented recovery in France.
This document compares the economic crises of 1929 and 2008. For the 1929 crisis, it identifies the stock market crash and banking panics as key causes, and blames President Hoover for failing to address the situation. Farmers, the middle class, and African Americans were most affected. People survived through community gardens, women entering the workforce, and some becoming homeless. The crisis was not truly solved by WWII spending and debt increased. For 2008, lax lending standards, housing policies, and limited regulation of financial institutions caused the crisis. Richard Fuld, the last CEO of Lehman Brothers, was widely blamed.
An Analysis Of The Financial Crises Of The Past Centuryiosrjce
The document analyzes several major financial crises that occurred in the past century, including:
1) The Great Depression of the 1930s, which began with the 1929 stock market crash and led to high unemployment and many bank failures in the US and worldwide.
2) The 1970s Oil Crisis caused by OPEC oil embargoes that led to spikes in oil prices and impacted many industries and the global economy.
3) The 1997 Asian Financial Crisis that began in Thailand and spread to other Asian countries, requiring a $40 billion IMF bailout.
4) The 2000 Dot-Com Bubble burst as overvalued technology stocks crashed with the slowing economy.
5) The 2007-2008
Why Today Is Different From The Great Depressiongueste37a64
While there are some similarities between today's financial crisis and the Great Depression, such as excessive debt and asset price deflation, there are also key differences:
1) The economic contraction today is far less severe, with estimates of unemployment peaking at around 10% compared to 25% during the Depression.
2) The banking system, while distressed, is not near collapse as hundreds of banks failed during the Depression due to lack of deposit insurance.
3) Monetary policy response has been extraordinary, with the Federal Reserve taking ambitious action unlike the passive role during the 1930s.
4) Government policy response has already been more forceful than in the early years of the Depression, enacting stimulus packages, bank
The early 2000s recession mainly affected developed countries between 2000-2001 and the United States from 2002-2003. While some economists disagree on whether it was officially a recession, it was a decline in economic activity predicted by economists due to slowing growth in East Asia from the 1997 Asian financial crisis. The recession was less severe than the previous two global recessions. The US economy was officially in recession from March-November 2001 according to the NBER.
1 ECON3600 TOPIC 5 – 1974 to the present Ov.docxjoyjonna282
1
ECON3600
TOPIC 5 – 1974 to the present
Overview
Within this period as a whole (1974 to the present) there is considerable variation
between sub-periods. However, it is conveniently divided into two sub-periods with
the early 1990s (say 1991/92) as the dividing line. It remains to be seen how
economic historians in the future, with the benefit of hindsight, will view this period,
complicated in a way yet to be fully appreciated by, firstly, the economic downturn in
2008-09 that was associated with what has become known as the Global Financial
Crisis and, secondly, by what has been termed ‘the mining boom’.
The first sub-period is marked by two short periods of recession (at the beginning of
the 1980s and then at the beginning of the 1990s) where economic growth (the
increase in GDP/head) was actually negative. The second half of the 1970s and the
early 1980s (and in particular the years in the immediate aftermath of the end of the
Long Boom) was overall a period of subdued economic expansion and growth
(although there were a few ‘bright spots’ and the record in some individual years
showed an economic performance comparable to that in the previous decades).
Following the recession of the early 1980s the middle years of the decade (from about
1983/84 to 1989/90) were ones of significant expansion and economic growth until
the short but sharp recession which came at the end of the decade.
The years following the recession of the early 1990s (indeed the rest of the decade of
the 1990s) were ones of unprecedented and fairly uniform economic prosperity. From
the early 2000s a significant increase in Australia’s terms of trade associated with a
marked (and in some cases spectacular) increase in the price of the main mineral
resources which had come to account for nearly half of the nation’s exports.
The effects of this increase were on the one hand positive and led to a high level of
economic expansion. But this occurred in the context of low (and in some cases even
negative) increases in productivity plus negative consequences for other sectors of the
economy, including those that had been prominent in the economic development of
the 1990s. (This process is analysed more fully later in these notes.)
Then, in 2008, came what in Australia has become known as the Global Financial
Crisis (GFC) that originated with the collapse of major financial institutions in the
US. The GFC adversely affected the economies of nearly every major economy in
North America and Europe. It had severe consequences for some Australian exports
(X) and for investment (I) that relied on borrowing from financial institutions.
Nevertheless, due partly to government fiscal policy (an increase in G) and partly to
the sustained demand for major exports (particularly iron ore and coal) Australia,
almost alone among comparable high-income countries, remained relatively
unscathed, experiencing on ...
The economic history of the United States has progressed from marginal colonial economies to the world's largest economy today. Key drivers of growth have included a large unified market, natural resources, entrepreneurial culture, investment in infrastructure and human capital, and technological innovation. However, the economy has also experienced challenges including high debt, trade deficits, and periods of recession and crisis throughout its history.
2studEnt Economic rEviEw vol. XXXiiThe Failure of In.docxrhetttrevannion
2
studEnt Economic rEviEw vol. XXXii
The Failure of
International
Multilateralism and the
Great Depression
Melissa Barrett, Senior Freshman
Almost 90 years after its beginning, the causes of the great depression
remain contested and uncertain. In this paper Melissa Barrett attempts
to decipher the chain of effects which caused the initial deflationary
episode to propagate into a deep depression. She explains how the gold
standard monetary became a catalyst of the deflationary crisis. This was
a symptom of an inadequacy in policymakers’ toolkit of response, due
to a lack of understanding and acknowledgement of the business cycle,
and international coordination. She concludes that these key failures
which were the root of policymakers’ miserable failure to mitigate the
crisis.
Introduction
This essay will argue that the primary causes of the Great Depression were the deflationary conditions of the mid 1920s, caused mainly by incompe-
tency in monetary policy. By extension, it is my contention that the internation-
al resentment caused by deflation was a reason behind the deep severity of the
Great Depression. Furthermore, any limited response was muted by the lack of
coordination between the world’s economy, and the prevailing attitude of narrow
national interest, rather than acknowledgement of the interdependent nature of
the global economy.
Deflation was incredibly problematic during the 1920s as it caused a rise
in the real value of debts, which brought already strained creditors to breaking
point. Deflation made paying back intergovernmental debts even more unfeasi-
ble, and this exacerbated the existing strain between countries in the post war
period. This strain was further worsened by debtor nations’ unrealistic expecta-
3
Economic History
tions and so it is the case that by 1923, the French still believed that the Germans
would make their reparation payments (Kemp, 1972).This was despite the fact
that the German mark was not stabilised until 1924, after a period of hyperinfla-
tion (Zacchia, 1976). Hjalmar Schacht, President of the Reichsbank from 1923 to
1930, wrote in 1931 that ‘the French attack upon German currency … was the
seed of that ever-growing lack of confidence which today hangs over the entire
world’ (Kindleberger, 1973).
Origin of deflation
A pertinent question to pose at this point is where did these deflationary
conditions come from? I will discuss two main causes of deflation, the housing
sector in the U.S and the Gold Standard. Both causes will be related back to a
European context. A single example which illustrates the immense importance
of the U.S to the international economy is seen in the fall of U.S exports when
the Federal Reserve raised interest rates in 1927. The fall in U.S exports was due
to other countries raising their own interest rates to keep in line with the domi-
nant currency of the world, the U.S dollar(Eichengreen, 2004).This was not an
advisab.
The document provides an overview of the Great Depression that occurred in the 1930s. It began in 1929 with the stock market crash in the US and became a worldwide economic depression. Global GDP fell by 15% and unemployment rose significantly, including to 25% in the US. The causes included debt deflation, the gold standard, and protectionist policies that reduced international trade. Countries gradually recovered in the mid-1930s, while others had to wait until involvement in World War II boosted economic activity through increased government spending.
The document provides a detailed timeline and overview of the Great Depression in the United States from the 1920s through 1945. It discusses the economic boom of the 1920s, the stock market crash of 1929, the Dust Bowl, and various policies and legislation enacted during the Depression like the New Deal. It describes how the Depression devastated many and led to widespread unemployment, poverty, and migration before the US emerged from it during World War II through increased government spending.
The Great Depression Cause And Effect Essay
Great Depression Causes
Causes Of The Great Depression Essay
Essay on The Causes of the Great Depression
Causes of the Great Depression Essay
Causes of the Great Depression Essay
The Cause Of The Great Depression
Essay On The Causes Of The Great Depression
What Caused The Great Depression Essay
What Caused The Great Depression Essay
Great Depression Causes And Effects Essay
What Are The Causes Of The Great Depression
Essay On The Causes Of The Great Depression
Primary Cause Of The Great Depression
The Cause of the Great Depression Essay
Causes Of The Great Depression Essay
Great Depression Cause And Effect Essay
Causes of the Great Depression Essay
1. Discuss Blockchains potential application in compensation system.docxmonicafrancis71118
1. Discuss Blockchain's potential application in compensation systems (base wages, incentives, rewards).
2. How can a token economy affect employee compensation?
3. Based on your readings, do worldwide executives believe Blockchain has the potential to radical change the future of organizations?
.
1. Describe the characteristics of the aging process. Explain how so.docxmonicafrancis71118
1. Describe the characteristics of the aging process. Explain how some of the characteristics may lead to elder abuse (memory issues, vulnerability, etc.). Discuss the types of consideration a nurse must be mindful of while performing a health assessment on a geriatric patient as compared to a middle-aged adult.
2.
End-of-life care becomes an issue at some point for elderly clients. Even with the emergence of palliative care programs and hospice programs, most elderly people do not die in their own home as is their preference. What are the reasons for this trend? Discuss what you can do as a nurse to support your clients regarding end-of-life care in accordance with their wishes. Support your response with evidence-based literature.
.
1. Dis. 7Should we continue to collect data on race and .docxmonicafrancis71118
1. Dis. 7
Should we continue to collect data on race and ethnicity?
Topic
In what situations should we continue collecting data on race and ethnicity, and in what situations should we stop collecting data on race and ethnicity? (see Desmond & Emirbayer)
2. Jour. 7
We determine whether our society is "colorblind." Our objectives this week are to:
· Describe colorblind racism and new racism;
· Discuss social policy implications of erroneous beliefs that we live in a post-racial or colorblind society; and
· Summarize the perception gap between majority and minority groups and how that impacts support for public policy aimed at combating racial inequality.
Please read all the information provided within the module and the indicated course book readings, then proceed to complete and submit this week's assignments in a timely and effective manner.
Due Thursday
Both 200 each words
.
1. Differentiate crisis intervention from other counseling therapeut.docxmonicafrancis71118
1. Differentiate crisis intervention from other counseling therapeutic interventions. Provide examples to support your rationale. For follow-up discussion, critique the examples provided by your peers for validity.
2. Is the use of standard psychotherapeutic interventions appropriate during a crisis? Why or why not?
.
This slide is the overview of USA's great Downturn or great Depression in 1929 to 1933 in which USA GDP nearly decreased to 33% while the unemployment rate rose to 25% it describes some of the features of depression in economies and their effects on them. It also gives a few indications of depression that how it we can know that any economy is in depression. It tells us few statistics of unemployment during depression of USA
Lessons from the Great Depression for Economic Recovery in 2009Peter Ho
This document discusses lessons from the Great Depression that may help guide economic recovery efforts in 2009. It notes that while the current recession is severe, it is less severe than the Great Depression. It outlines parallels between the two events, including their origins in financial crises and asset price declines. The document discusses four key lessons from the 1930s: 1) small fiscal stimulus had limited effects so a large stimulus is needed; 2) monetary policy can help even at low rates by affecting expectations; 3) stimulus should not be withdrawn too soon; and 4) financial stability and real recovery go hand in hand. The goal is to apply these lessons to end the current recession.
The Great Depression began after a period of economic growth and optimism in the 1920s. Speculation was rampant and many believed the boom would continue indefinitely. However, on October 29, 1929, the stock market crashed, marking the beginning of a decade long economic decline. GDP was halved, unemployment rose to 25%, farm prices and incomes dropped sharply. Several factors contributed to the depression, including uneven economic growth that did not benefit all sectors, high consumer debt levels, overproduction, and an unstable construction industry. Government policies also exacerbated problems through high tariffs, a regressive tax system, and lax financial regulations. President Hoover's policies failed to stimulate the economy or stabilize international finance. It was not until Roosevelt
The document summarizes the key events and impacts of the Great Depression, which began with the U.S. stock market crash in October 1929 and spread worldwide. It discusses several potential causes, including the stock market crash, aftermath of WWI, and bank failures in the U.S. The Depression had widespread psychological, cultural, political, and economic effects around the world. It caused high unemployment, business failures, and government responses like public works programs. While political changes occurred in some countries, the U.S. experienced less change due to its long history of democracy and belief in the American Dream.
The Great Depression began with the 1929 stock market crash in the United States and spread worldwide. Mass unemployment rose as production decreased without consumers to buy goods, creating a vicious cycle. Governments struggled to respond effectively. Roosevelt enacted the New Deal in the US, including the NRA to regulate prices and wages, and the WPA to employ many. Scandinavia used deficit spending on public works to create jobs. Britain recovered by 1937 as it focused on its national market, while political instability prevented recovery in France.
This document compares the economic crises of 1929 and 2008. For the 1929 crisis, it identifies the stock market crash and banking panics as key causes, and blames President Hoover for failing to address the situation. Farmers, the middle class, and African Americans were most affected. People survived through community gardens, women entering the workforce, and some becoming homeless. The crisis was not truly solved by WWII spending and debt increased. For 2008, lax lending standards, housing policies, and limited regulation of financial institutions caused the crisis. Richard Fuld, the last CEO of Lehman Brothers, was widely blamed.
An Analysis Of The Financial Crises Of The Past Centuryiosrjce
The document analyzes several major financial crises that occurred in the past century, including:
1) The Great Depression of the 1930s, which began with the 1929 stock market crash and led to high unemployment and many bank failures in the US and worldwide.
2) The 1970s Oil Crisis caused by OPEC oil embargoes that led to spikes in oil prices and impacted many industries and the global economy.
3) The 1997 Asian Financial Crisis that began in Thailand and spread to other Asian countries, requiring a $40 billion IMF bailout.
4) The 2000 Dot-Com Bubble burst as overvalued technology stocks crashed with the slowing economy.
5) The 2007-2008
Why Today Is Different From The Great Depressiongueste37a64
While there are some similarities between today's financial crisis and the Great Depression, such as excessive debt and asset price deflation, there are also key differences:
1) The economic contraction today is far less severe, with estimates of unemployment peaking at around 10% compared to 25% during the Depression.
2) The banking system, while distressed, is not near collapse as hundreds of banks failed during the Depression due to lack of deposit insurance.
3) Monetary policy response has been extraordinary, with the Federal Reserve taking ambitious action unlike the passive role during the 1930s.
4) Government policy response has already been more forceful than in the early years of the Depression, enacting stimulus packages, bank
The early 2000s recession mainly affected developed countries between 2000-2001 and the United States from 2002-2003. While some economists disagree on whether it was officially a recession, it was a decline in economic activity predicted by economists due to slowing growth in East Asia from the 1997 Asian financial crisis. The recession was less severe than the previous two global recessions. The US economy was officially in recession from March-November 2001 according to the NBER.
1 ECON3600 TOPIC 5 – 1974 to the present Ov.docxjoyjonna282
1
ECON3600
TOPIC 5 – 1974 to the present
Overview
Within this period as a whole (1974 to the present) there is considerable variation
between sub-periods. However, it is conveniently divided into two sub-periods with
the early 1990s (say 1991/92) as the dividing line. It remains to be seen how
economic historians in the future, with the benefit of hindsight, will view this period,
complicated in a way yet to be fully appreciated by, firstly, the economic downturn in
2008-09 that was associated with what has become known as the Global Financial
Crisis and, secondly, by what has been termed ‘the mining boom’.
The first sub-period is marked by two short periods of recession (at the beginning of
the 1980s and then at the beginning of the 1990s) where economic growth (the
increase in GDP/head) was actually negative. The second half of the 1970s and the
early 1980s (and in particular the years in the immediate aftermath of the end of the
Long Boom) was overall a period of subdued economic expansion and growth
(although there were a few ‘bright spots’ and the record in some individual years
showed an economic performance comparable to that in the previous decades).
Following the recession of the early 1980s the middle years of the decade (from about
1983/84 to 1989/90) were ones of significant expansion and economic growth until
the short but sharp recession which came at the end of the decade.
The years following the recession of the early 1990s (indeed the rest of the decade of
the 1990s) were ones of unprecedented and fairly uniform economic prosperity. From
the early 2000s a significant increase in Australia’s terms of trade associated with a
marked (and in some cases spectacular) increase in the price of the main mineral
resources which had come to account for nearly half of the nation’s exports.
The effects of this increase were on the one hand positive and led to a high level of
economic expansion. But this occurred in the context of low (and in some cases even
negative) increases in productivity plus negative consequences for other sectors of the
economy, including those that had been prominent in the economic development of
the 1990s. (This process is analysed more fully later in these notes.)
Then, in 2008, came what in Australia has become known as the Global Financial
Crisis (GFC) that originated with the collapse of major financial institutions in the
US. The GFC adversely affected the economies of nearly every major economy in
North America and Europe. It had severe consequences for some Australian exports
(X) and for investment (I) that relied on borrowing from financial institutions.
Nevertheless, due partly to government fiscal policy (an increase in G) and partly to
the sustained demand for major exports (particularly iron ore and coal) Australia,
almost alone among comparable high-income countries, remained relatively
unscathed, experiencing on ...
The economic history of the United States has progressed from marginal colonial economies to the world's largest economy today. Key drivers of growth have included a large unified market, natural resources, entrepreneurial culture, investment in infrastructure and human capital, and technological innovation. However, the economy has also experienced challenges including high debt, trade deficits, and periods of recession and crisis throughout its history.
2studEnt Economic rEviEw vol. XXXiiThe Failure of In.docxrhetttrevannion
2
studEnt Economic rEviEw vol. XXXii
The Failure of
International
Multilateralism and the
Great Depression
Melissa Barrett, Senior Freshman
Almost 90 years after its beginning, the causes of the great depression
remain contested and uncertain. In this paper Melissa Barrett attempts
to decipher the chain of effects which caused the initial deflationary
episode to propagate into a deep depression. She explains how the gold
standard monetary became a catalyst of the deflationary crisis. This was
a symptom of an inadequacy in policymakers’ toolkit of response, due
to a lack of understanding and acknowledgement of the business cycle,
and international coordination. She concludes that these key failures
which were the root of policymakers’ miserable failure to mitigate the
crisis.
Introduction
This essay will argue that the primary causes of the Great Depression were the deflationary conditions of the mid 1920s, caused mainly by incompe-
tency in monetary policy. By extension, it is my contention that the internation-
al resentment caused by deflation was a reason behind the deep severity of the
Great Depression. Furthermore, any limited response was muted by the lack of
coordination between the world’s economy, and the prevailing attitude of narrow
national interest, rather than acknowledgement of the interdependent nature of
the global economy.
Deflation was incredibly problematic during the 1920s as it caused a rise
in the real value of debts, which brought already strained creditors to breaking
point. Deflation made paying back intergovernmental debts even more unfeasi-
ble, and this exacerbated the existing strain between countries in the post war
period. This strain was further worsened by debtor nations’ unrealistic expecta-
3
Economic History
tions and so it is the case that by 1923, the French still believed that the Germans
would make their reparation payments (Kemp, 1972).This was despite the fact
that the German mark was not stabilised until 1924, after a period of hyperinfla-
tion (Zacchia, 1976). Hjalmar Schacht, President of the Reichsbank from 1923 to
1930, wrote in 1931 that ‘the French attack upon German currency … was the
seed of that ever-growing lack of confidence which today hangs over the entire
world’ (Kindleberger, 1973).
Origin of deflation
A pertinent question to pose at this point is where did these deflationary
conditions come from? I will discuss two main causes of deflation, the housing
sector in the U.S and the Gold Standard. Both causes will be related back to a
European context. A single example which illustrates the immense importance
of the U.S to the international economy is seen in the fall of U.S exports when
the Federal Reserve raised interest rates in 1927. The fall in U.S exports was due
to other countries raising their own interest rates to keep in line with the domi-
nant currency of the world, the U.S dollar(Eichengreen, 2004).This was not an
advisab.
The document provides an overview of the Great Depression that occurred in the 1930s. It began in 1929 with the stock market crash in the US and became a worldwide economic depression. Global GDP fell by 15% and unemployment rose significantly, including to 25% in the US. The causes included debt deflation, the gold standard, and protectionist policies that reduced international trade. Countries gradually recovered in the mid-1930s, while others had to wait until involvement in World War II boosted economic activity through increased government spending.
The document provides a detailed timeline and overview of the Great Depression in the United States from the 1920s through 1945. It discusses the economic boom of the 1920s, the stock market crash of 1929, the Dust Bowl, and various policies and legislation enacted during the Depression like the New Deal. It describes how the Depression devastated many and led to widespread unemployment, poverty, and migration before the US emerged from it during World War II through increased government spending.
The Great Depression Cause And Effect Essay
Great Depression Causes
Causes Of The Great Depression Essay
Essay on The Causes of the Great Depression
Causes of the Great Depression Essay
Causes of the Great Depression Essay
The Cause Of The Great Depression
Essay On The Causes Of The Great Depression
What Caused The Great Depression Essay
What Caused The Great Depression Essay
Great Depression Causes And Effects Essay
What Are The Causes Of The Great Depression
Essay On The Causes Of The Great Depression
Primary Cause Of The Great Depression
The Cause of the Great Depression Essay
Causes Of The Great Depression Essay
Great Depression Cause And Effect Essay
Causes of the Great Depression Essay
Similar to Click here to access the section of the Center for Democracy and T.docx (17)
1. Discuss Blockchains potential application in compensation system.docxmonicafrancis71118
1. Discuss Blockchain's potential application in compensation systems (base wages, incentives, rewards).
2. How can a token economy affect employee compensation?
3. Based on your readings, do worldwide executives believe Blockchain has the potential to radical change the future of organizations?
.
1. Describe the characteristics of the aging process. Explain how so.docxmonicafrancis71118
1. Describe the characteristics of the aging process. Explain how some of the characteristics may lead to elder abuse (memory issues, vulnerability, etc.). Discuss the types of consideration a nurse must be mindful of while performing a health assessment on a geriatric patient as compared to a middle-aged adult.
2.
End-of-life care becomes an issue at some point for elderly clients. Even with the emergence of palliative care programs and hospice programs, most elderly people do not die in their own home as is their preference. What are the reasons for this trend? Discuss what you can do as a nurse to support your clients regarding end-of-life care in accordance with their wishes. Support your response with evidence-based literature.
.
1. Dis. 7Should we continue to collect data on race and .docxmonicafrancis71118
1. Dis. 7
Should we continue to collect data on race and ethnicity?
Topic
In what situations should we continue collecting data on race and ethnicity, and in what situations should we stop collecting data on race and ethnicity? (see Desmond & Emirbayer)
2. Jour. 7
We determine whether our society is "colorblind." Our objectives this week are to:
· Describe colorblind racism and new racism;
· Discuss social policy implications of erroneous beliefs that we live in a post-racial or colorblind society; and
· Summarize the perception gap between majority and minority groups and how that impacts support for public policy aimed at combating racial inequality.
Please read all the information provided within the module and the indicated course book readings, then proceed to complete and submit this week's assignments in a timely and effective manner.
Due Thursday
Both 200 each words
.
1. Differentiate crisis intervention from other counseling therapeut.docxmonicafrancis71118
1. Differentiate crisis intervention from other counseling therapeutic interventions. Provide examples to support your rationale. For follow-up discussion, critique the examples provided by your peers for validity.
2. Is the use of standard psychotherapeutic interventions appropriate during a crisis? Why or why not?
.
1. Describe the ethical challenges faced by organizations operating .docxmonicafrancis71118
1. Describe the ethical challenges faced by organizations operating globally. 550 words .
2. Pick one of the following terms for your research: code of ethics, conscious capitalism, corporate social responsibility (CSR), culture, ethical dilemma, external adaptation, mission culture, social capital, values-based leadership, or whistle-blowing. 500 words
.
1. Describe in your own words the anatomy of a muscle. This sho.docxmonicafrancis71118
1. Describe in your own words the anatomy of a muscle. This should include from the muscle down to the myofibrils.
2. Explain in your own words how an action potential results in a muscle contraction.
3. List and describe in your own words the characteristics of skeletal muscle (aka the abilities that a skeletal muscle has).
4. Muscle Tissue
: Describe the appearance of the three types of muscle tissue.
a. Skeletal muscle:
b. Cardiac muscle:
c. Smooth muscle:
5. Muscle Anatomy
: Put the structures in anatomical order from superficial to deep.
Sarcolemma
Perimysium
Endomysium
Epimysium
6. Muscle Identification
: Palpate or locate each of the following muscles and list its origin, insertion, and action.
a. Masseter
b. Upper, middle, and lower trapezius
c. Sternocleidomastoid
d. Temporalis
e. Occipitofrontalis
f. Erector spinae
g. Scalenes
h. External/internal intercostalis
i. Rectus abdominis
j. External/internal oblique
k. Transverse abdominis
l. Rhomboids
m. Serratus anterior
n. Pectoralis major and minor
o. Teres major and minor
p. Latissimius Dorsi
q. Infraspinatus
r. Suprasinatus
s. Subscapularis
t. Deltoid
u. Triceps brachii
v. Biceps brachii
w. Brachialis
x. Brachioradialis
y. Wrist and finger flexors
z. Wrist and finger extensors
aa. Iliopsoas
bb. Tensor fasciae latae
cc. Gluteus maximus
dd. Gluteus medius
ee. Quadriceps
ff. Hamstrings
gg. Sartorius
hh. Adductor longus
ii. Gracilis
jj. Tibialis anterior
kk. Gastrocnemius
ll. Soleus
mm. Peroneals
.
1. Describe how your attitude of including aspects of health literac.docxmonicafrancis71118
1. Describe how your attitude of including aspects of health literacy changed during this course.
2. Describe your approach to incorporating evidence-based literature in health teaching.
3. Describe one theory of teaching or learning that you applied it to your power point presentation.
4. Describe two ways that you have grown as a health educator by taking health promotion course
.
1. Choose a behavior (such as overeating, shopping, Internet use.docxmonicafrancis71118
1. Choose a behavior (such as overeating, shopping, Internet use, etc.) Identify examples of each of the stages of change—pre-contemplation through maintenance—using the behavior you selected as the focus.
2. What are your thoughts on using the readiness assessment tool for addictive behaviors?
What is the stage of readiness in each of these areas for Brian and/or Alyssa?
Need for change
Commitment to change
Self-awareness
Environmental awareness
Personal closeness
Identify a possible next step in the process for the individual you selected that you feel will assist them in their readiness for change.
Be sure to rate each of the readiness assessment areas. Your next steps should be appropriate to the data you discuss in the readiness assessment.
see attachment:
.
1. Case 3-4 Franklin Industries’ Whistleblowing (a GVV Case)Natali.docxmonicafrancis71118
1. Case 3-4 Franklin Industries’ Whistleblowing (a GVV Case)
Natalie got the call she had been waiting for over six long months. Her complaint to the human resources department of Franklin Industries had been dismissed. It was HR’s conclusion that she was not retaliated against for reporting an alleged embezzlement by the Accounting Department manager. In fact, HR ruled there was no embezzlement at all. Natalie had been demoted from assistant manager of the department to staff supervisor seven months ago after informing Stuart Masters, the controller, earlier in 2015, about the embezzlement. Her blood started to boil as she thought about all the pain and agony she’d experienced these past six months without any level of satisfaction for her troubles.
Natalie Garson is a CPA who works for Franklin Industries, a publicly owned company and manufacturer of trusses and other structural components for home builders throughout the United States. Six months ago she filed a complaint with HR after discussing a sensitive matter with her best friend and coworker, Roger Harris. Natalie trusted Harris, who had six years of experience at Franklin. The essence of the discussion was that Natalie was informed by the accounting staff of what appeared to be unusual transactions between Denny King, the department manager, and an outside company no one had never heard of before. The staff had uncovered over $5 million in payments, authorized by King, to Vic Construction. No one could find any documentation about Vic, so the staff dug deeper and discovered that the owner of Vic Construction was Victoria King. Further examination determined that Victoria King and Denny King were siblings.
Once Natalie was convinced there was more to the situation than meets the eye, she informed the internal auditors, who investigated and found that Vic Construction made a $5 million electronic transfer to a separate business owned by Denny King. One thing lead to another, and it was determined by the internal auditors that King had funneled $5 million to Vic Construction, which, at a later date, transferred the money back to King. It was a $5 million embezzlement from Franklin Industries.
Natalie met with Roger Harris that night and told him about the HR decision that went against her. She was concerned whether the internal auditors would act now in light of that decision She knew the culture at Franklin was “don’t rock the boat.” That didn’t matter to her. She was always true to her values and not afraid to act when a wrongdoing had occurred. She felt particularly motivated in this case—it was personal. She felt the need to be vindicated. She hoped Roger would be supportive.
As it turned out, Roger cautioned Natalie about taking the matter any further. He had worked for Franklin a lot longer than Natalie and knew the board of directors consisted mostly of insider directors. The CEO of Franklin was also the chair of Page 181the board. It was well known in the company that whatev.
1. Cryptography is used to protect confidential data in many areas. .docxmonicafrancis71118
1. Cryptography is used to protect confidential data in many areas. Chose one type of cryptography attack and briefly explain how it works (examples include: ciphertext-only attack, known-plain-test attack, chosen-plaintext, chosen-ciphertext attack, timing attack, rubber hose attack, adaptive attack).
2. Select one type of cryptography or encryption and explain it in detail. Include the benefits as well as the limitations of this type of encryption. Your summary should be 2-3 paragraphs in length and uploaded as a TEXT DOCUMENT
.
1. Compare and contrast steganography and cryptography.2. Why st.docxmonicafrancis71118
1. Compare and contrast steganography and cryptography.
2. Why steganography and how does it work? List examples of suitable carriers of steganographic payloads.
3. Experiment with the tool – Steganography Online (http://stylesuxx.github.io/steganography/) to get a feel of how the steganographic tool works.
4. In steganalysis, which methods are used to detect steganography?
Briefly describe how cryptography is applied in ATM, SSL, digital signatures, hashes and drive encryption.
.
1. Date September 13, 2017 – September 15, 2017 2. Curr.docxmonicafrancis71118
1. Date: September 13, 2017 – September
15, 2017
2. Current Exchange Rate ($ / rupee):
1/64.16
3. During the past week (or since your last entry), what has been the major economic or
business news relating to
India? http://www.thehindu.com/business/Industry/economy-suffers-as-firms-tackle-
debt/article19677814.ece
In India this year, there are a fair amount of firms and businesses that are having issues paying off
interest on their loans. On top of this, fewer loans are happening and the state’s GDP growth rate has
lowered this year. The article lists several factors, one of which is pretty simple; interest rates are high
at the moment. This article on business interested me because this is an issue that is relatable to every
modernized country on Earth, how to pay off debt when you aren’t making enough this year to cover
costs? You can’t, so the unpaid portions add up. I didn’t feel like there was a strong bias in this article,
but I’m also not accustomed to the Indian financial market or its businesses. How is this story relevant
to my understanding of India? It lets me take an inside look at the current economy and how they might
be fairing in comparison. It also shows that business and banking policies are not that different on some
levels.
4. During the past week (or since your last entry), what has been the major political
news in India? http://www.thehindu.com/news/national/andhra-pradesh/patronising-congress-
again-a-historic-necessity/article19679153.ece
First, why do I consider this major political news in India? The discussions and accusations being talked
about in the article are serious and can definitely effect votes for the mentioned political parties, which
in turn can change or add new laws, regulations, taxes, and etc. The title seemed incredibly familiar to
what we always see in American newspapers about our politics. I felt that the author, or maybe the
newspaper, might actually lean more towards the BJP and TDP’s opposing forces. Other than that, there
were tons of biased quotes from both parties. So, why do I think this topic is relevant to my
understanding of India? Simply put, just as with business and banking, there is this kind of familiarity in
a way. This article lets me get an inside view on the current parties and the accusations being made,
showing me that politics is a somewhat universal language, one part attack ads, one part confusion, and
one part progress.
5. What new information have you found related to religion in
India?http://www.thehindu.com/society/faith/tendencies-of-
prakriti/article19656107.ece
We talked a lot about how the culture of India and the religions of it can definitely be intertwined. This
short article tells of the three ‘gunas’, which I didn’t know much about if anything really. As far as biases
go, you could say that the article is biased to what it is teaching about this religious aspect, but honestly,
it feels more informative. Why is thi.
1. compare and contrast predictive analytics with prescriptive and d.docxmonicafrancis71118
1. compare and contrast predictive analytics with prescriptive and descriptive analytics. Use examples. (250 words and two references no plagiarism)
2. Discuss the process that generates the power of AI and discuss the differences between machine learning and deep learning.(250 words and two references no plagiarism)
.
1. Creating and maintaining relationships between home and schoo.docxmonicafrancis71118
1. Creating and maintaining relationships between home and school are pivotal to the overall success of our ELL students. Discuss some ways you might cultivate these partnerships throughout the school year.
2. There is research supporting the theory that students who are literate in their home language are more likely to be literate in their second or subsequent language. Thinking of this, what are the potential effects of home language on the development of English and classroom learning?
.
1. Compare and contrast Strategic and Tactical Analysis and its .docxmonicafrancis71118
1. Compare and contrast Strategic and Tactical Analysis and its application to street crimes such as robbery and property crimes such as burglary. In your opinion is one more suited in addressing criminal behavior?
Strategic analysis involves the analysis over the long-term, whereas tactical analysis involves analysis in a more direct manner. Each has analysis scheme has their uses in addressing criminal behavior. To use an example with drug activity strategic analysis would be better suited to understanding who could be the future customers of drug dealers, where are possible locations that could facilitate such deals, and helping law-enforcement and community leaders come up with measures to combat drug sales. However, the tactical analysis would focus more on finding out where the current supply of drugs is coming in from, who the leader(s) is(are), and cracking down on local dealers. While there is overlap between the two, I believe that tactical analysis is the best when addressing criminal behavior, because of the more immediate results that it provides.
2. What is CPTED? Please elaborate on how CPTED may be an effective means to reduce a criminals Modus operandi? Provide an example.
CPTED is an acronym that stands for crime prevention through environmental design which is “The proper design and effective use of the built environment can lead to a reduction in the fear and incidence of crime, and an improvement in the quality of life” (Cozens, Saville, & Hillier, 2005). This means that CPTED is all of the passive defenses that the environment provides law-abiding citizens against criminally minded individuals. These defenses can be broken down into six different aspects that work together to create CPTED they are: territoriality, surveillance, access control, target hardening, image/maintenance, and active support (Cozens, Saville, & Hillier, 2005). All of these aspects work together to decrease crime in the area.
respond to this discussion question in 250 words
.
1. Coalition ProposalVaccination Policy for Infectious Disease P.docxmonicafrancis71118
1. Coalition Proposal
Vaccination Policy for Infectious Disease Prevention and Control
Scope of the Problem
Vaccines have done an excellent job at preventing many diseases, some of which can be deadly if not prevented. When bacteria or viruses enter the body, they immediately begin to attack and multiply, which then causes an infection. The immune system will then fight off the infection and establish antibodies, which will help recognize and fight off the same disease in the future. For this very reason, it has been important for children to be vaccinated at an early age so that they may establish those antibodies their bodies need. Vaccines act as the disease so that the body may produce antibodies, but the good thing is that it won’t cause an infection (CDC, 2017).
There are current policies that mandate vaccinations in the U.S., for example, all children are required to be up to date on their vaccines before beginning school. The problem is that there are many loopholes and exceptions to the rule, whether it’s due to religious reasons or other medical issues. Because of this, there are still many children and adults who have yet to be fully compliant with vaccine requirements
Some important statistics to note (Johns Hopkins Medicine):
· CDC estimated 2,700 new cases of hepatitis A in the U.S.
· It is estimated that in 2011, 19,000 new cases of hepatitis B and 17,000 cases of hepatitis C occurred.
· In 2012, nearly 10,000 new cases of tuberculosis were reported.
· Approximately 36,000 people per year die from influenza and pneumonia.
· 50,000 new cases of HIV infection occur annually.
· In 2012, new cases of STD’s were reported, including HPV, Chlamydia, Gonorrhea, HIV, and Syphilis.
Who is affected by this problem? Identify.
Children are mainly affected by this problem due to parents’ hesitancy for vaccinations. Although law mandates for children to be vaccinated for school enrollment, parents have the option to use exemptions to avoid having their children vaccinated. Currently, medical exemptions are allowed for medical reasons in all states, and it is estimated that one to three percent of children are excused from vaccinations because of these exemptions. Parents have continued to use reasons to avoid vaccinations, for example, the belief that the decline in vaccine-preventable diseases is due to improved health care, hygiene, and sanitation (Ventola, C. L., 2016).
Health disparities among Blacks, Hispanics, and Whites have played a huge role in terms of vaccination coverage. Studies have shown that health insurance has a direct impact on the vaccination coverage in adults, therefore, low-income families who can’t afford health insurance will most likely not get the vaccines they need. With that being said, uninsured prevalence was higher among non-Hispanic blacks (19.5%) and Hispanics (30.1%) compared with non-Hispanic whites (11.1%) (Lu, P., et al, 2015).
What has been written on the issue and policy options?
There ha.
1. Company Description and Backgrounda. Weight Watchers was cr.docxmonicafrancis71118
1. Company Description and Background
a. Weight Watchers was created by Jean Nindetch in 1963 when she began to invite her friends and neighbors so that they can discuss their weight loss issues and how they could lose weight successfully. The basic concept of WW plan consisted of two components: the WW program and group support. Comprised of a food plan and an activity plan. WW eliminated counting calories by introducing a point system.
b. Targeted women 25 to 55
c. 2017 about 1 million members who attended 32,000 WW meetings around the world organized by more then 9,000 leaders who had successful lost weight using WW.
d. Record high revenue 2011 $1.8 billion, in 2012 a slight reduction occurred but beat all pre-2011 numbers, in 2013 is when business began take a turn for the worse.
e. December 2015, WW launched a SmartPoints system which was a scale for food management. It was introduced to work along with a new weight management program called “Beyond the Scale.” Even thought doctors and nutrition’s approved the program, then-CEO David Kirchhoff felt it wasn’t enough because the programs didn’t take into account social, environmental and behavioral factors that led members to fail at their weight loss journey. Shortly after in August 2013, CEO Kirchhoff resigned in order to “pursue other opportunities” which left WW struggling to adjust their business strategy in the Internet Age.
2. Problems Posed In The Case
a. CEO Jim Chambers resigned in September 2016 afterward a tumultuous year with stock prices dropping 54% that year alone and seven straight quarters of declining sales.
b. Next generation diet programs and online apps like MyFitnessPal and FitBit were providing the same services for free of charge. CEO Chambers admitted that “consumers have changed and that WW hadn’t kept the pace.”
c. As obesity levels increased worldwide, the market for weight loss products was growing exponentially, however, WW had to increase customer value and seek new target segments to fend off competitors from traditional rivalry’s like Nutrisystem, Slim Fast, Medifast, Jenny Craig and the Biggest Loser.
d. Emergence of fad diets
e. Decreased effectiveness of marketing and advertising programs
f. The need for developing new and innovative products and services that could be delivered online or via mobile apps
g. WW International faced stock price volatility because of rival weight management options such as the over-the-counter weight-loss drug Alli launched by GlaxoSmithKline in June 2006 and the development of Allergan’s Lap-Band device.
h. Worldwide Health Organization estimated 2.3 billion people to be overweight by 2015 and more than 700 million obese.
i. The development of effective weight-management methods i.e. pharmaceuticals, surgical options such as the Lap-Band.
3. Financial Analysis
a. In 2017, revenue was 1.3 billion and in 2018 revenue was up by 5.77% at 1.5 billion.
4. Strategic Options
a. During the dot-com era they creat.
1. Come up with TWO movie ideas -- as in for TWO screenplays that .docxmonicafrancis71118
1. Come up with TWO movie ideas -- as in for TWO screenplays that you'd be interested in writing.
You will eventually choose ONE screenplay to live with for the duration of this course. You will distill each idea into a single sentence. We call this a LOGLINE.
A good logline: 1. Must include your PROTAGONIST. 2. Must be under 50 words. 3. Must contain the word "BUT" ("but" signifies conflict).
After you write the logline. Tell us about your PROTAGONIST. What is her/his most pressing DESIRE? What are some of the potential OBSTACLES that can get in the way?
TRY TO KEEP IT SIMPLE!
Here's an example:
MOVIE IDEA #1
WORKING TITLE: "COLLATERAL"
LOGLINE: A cab driver dreams of starting his own limo company, BUT when a hitman gets into his cab, our hero must figure out how to survive the night.
PROTAGONIST: Max (Cab Driver)
DESIRE: To stop Vincent (the Hitman)
POTENTIAL OBSTACLES: The HITMAN who never fails. THE COPS who think Max is the hitman. THE GANGSTERS who want the hitman dead. MAX’s own timid and hesitant nature.
2.What is the INCITING INCIDENT in your two film ideas? What is the 1stACT BREAK?
Example:
MOVIE TITLE: COLLATERAL
INCITING INCIDENT: Vincent gets into Max’s cab, makes Max an offer
1STACT BREAK: Body drops on Max’s cab; Reveal Vincent is a Hitman
(To discover your inciting incident possibly contemplate what the worst thing that could happen to your particular character would be)
Interview questions
1. Do you have a specific reason why you wanted to become a physical therapist?
2. Why do think it’s a good idea to be a physical therapist?
3. What did you get your bachelor degree on?
4. Were you in any kind of program for PT?
5. What kind of opportunities were there for you after getting your bachelor degree?
6. What were some of the difficulties you faced when you were looking for jobs?
7. What are some things I should know before I continue?
8. What are some jobs that I can apply to, to get experience with what a want to pursue?
9. How long did it take you to finish school and start your job?
10. What are some skills a person should have that wants to do DPT?
Unal 2
Seyma Unal
English 101 Z02N
Ms. Claytor
24 June 2019
Isabella Mia Interview as a Physical Therapist
Isabella Mia is a physical therapist who is working in the US as a therapist for the last 10 years. I have selected her for the interview because the physical therapist is a tough job and it is important to consider a person who has worked in it for a long time to get the right insights. She is a very dedicated person towards her work and this the reason behind her success in this field. I met her for this interview on a coffee shop and following is the information that I got from her.
Seyma Unal : Do you have a specific reason why you wanted to become a physical therapist?
Isabella Mia : I believe that this is a very rewarding career. I always wanted to do something that can ease other people and in this profession, we have contact with customers .
1. Choose a case for the paper that interests you. Most choose a .docxmonicafrancis71118
1. Choose a case for the paper that interests you. Most choose a case that they experienced on the job (e.g., company merger, reorganization, adoption of innovation or new procedure). If you have never experienced anything remotely like this, then you could choose a case in your community that interested you (e.g., political issues like taxes, land acquisition, school boards). If none of those apply then you can choose a case that is personal to you (e.g., getting a raise, selling something to a client or customer). If you have never worked, then choose a case you may experienced as an intern or student. I am pretty liberal about the kind of case that you choose.
2. Choose a case that involved a failed change attempt or proposes a change that has never been attempted. DO NOT CHOOSE A CASE THAT WAS SUCCESSFUL. The outline is hard to use when describing successful change attempts.
3. Write the paper as an expanded outline. That means writing paragraphs under the lower level headings. By using the outline as headings, you won’t leave something out.
4. With regard to length, some overwrite Section I. I think they get into describing the problem and go on a tirade. Although cathartic, it eats space. Section II should be relatively brief and the shortest of the three sections. Section III is where you should be writing a lot. That is where you are showing me that you can use the course content to propose an effective change.
5. Remember that you will be sending the paper to me as an attachment. I will grade it and make comments in the file. I will return it to you at the SAME address from which I received it. IF FOR SOME REASON, YOU DON’T WANT ANYONE TO SEE THE PAPER, USE YOUR STUDENT EMAIL ADDRESS. DO NOT USE YOUR WORK ADDRESS.
6. I will erase all papers at the end of the term. I never share papers with others.
Below I will give you some insights into the outline.
SUGGESTED OUTLINE FOR CHANGE MANAGEMENT PAPERS
I. Statement of problem area. In this section, describe the change attempt and the key players.
A. Background of change attempt.
1. Nature of change (What is being proposed?).
In this section, provide an overview of the change including a brief history.
2. Issues (Why is it being proposed?).
If you are writing about a failed change, indicate why it was proposed and how it failed. If you are writing about a proposed change, then describe the problem it is intended to resolve.
3. Change Agent(s). This section is focused on the people who proposed or will propose the change. If there are only a few change agents, you can describe what each on is like. If you are there many, then describe their general characteristics.
4.
A. Personality. What are they like? If you want, you can refer to the personalities I mention in the handout on integrative bargaining.
B. Power. What kind of power do the change agents have and how much? Is their power formal (e.g., authority) and/or or informal (e.g., expertise, chari.
Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...EduSkills OECD
Andreas Schleicher, Director of Education and Skills at the OECD presents at the launch of PISA 2022 Volume III - Creative Minds, Creative Schools on 18 June 2024.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
A Visual Guide to 1 Samuel | A Tale of Two HeartsSteve Thomason
These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...indexPub
The recent surge in pro-Palestine student activism has prompted significant responses from universities, ranging from negotiations and divestment commitments to increased transparency about investments in companies supporting the war on Gaza. This activism has led to the cessation of student encampments but also highlighted the substantial sacrifices made by students, including academic disruptions and personal risks. The primary drivers of these protests are poor university administration, lack of transparency, and inadequate communication between officials and students. This study examines the profound emotional, psychological, and professional impacts on students engaged in pro-Palestine protests, focusing on Generation Z's (Gen-Z) activism dynamics. This paper explores the significant sacrifices made by these students and even the professors supporting the pro-Palestine movement, with a focus on recent global movements. Through an in-depth analysis of printed and electronic media, the study examines the impacts of these sacrifices on the academic and personal lives of those involved. The paper highlights examples from various universities, demonstrating student activism's long-term and short-term effects, including disciplinary actions, social backlash, and career implications. The researchers also explore the broader implications of student sacrifices. The findings reveal that these sacrifices are driven by a profound commitment to justice and human rights, and are influenced by the increasing availability of information, peer interactions, and personal convictions. The study also discusses the broader implications of this activism, comparing it to historical precedents and assessing its potential to influence policy and public opinion. The emotional and psychological toll on student activists is significant, but their sense of purpose and community support mitigates some of these challenges. However, the researchers call for acknowledging the broader Impact of these sacrifices on the future global movement of FreePalestine.
Gender and Mental Health - Counselling and Family Therapy Applications and In...PsychoTech Services
A proprietary approach developed by bringing together the best of learning theories from Psychology, design principles from the world of visualization, and pedagogical methods from over a decade of training experience, that enables you to: Learn better, faster!
Click here to access the section of the Center for Democracy and T.docx
1. Click here to access the section of the Center for Democracy
and Technology (CDT) website devoted to health privacy. CDT
is, by the way, a champion of online civil liberties and human
rights and is dedicated to keeping the Internet open and free.
Review the insights, posts, and press releases posted in CDT's
health privacy section and respond to the following:
1
ECON3600
TOPIC 4 – 1929-1974: ‘New model’ economic development
The 1930s Depression
While one can play around with the figures, the magnitude of
the Depression is
indicated in broad terms by the fact that, over the (relatively
few) years during which
the Depression was at its most severe aggregate GDP declined,
on average, by 3 per
cent per annum.
2. The total number of people that this had to be shared around
(i.e. the total population)
grew at a markedly slower rate than had been the case in the
previous decade, due
largely to an almost complete cessation of immigration and a
fall in the birth rate – the
latter a reaction to economic circumstances. The population still
grew, however, at
around 1 per cent per annum on average, with the result that
economic growth
(defined in terms of GDP/head) declined at an average yearly
rate, over the early
years of the 1930s, of 4 per cent. In the worst year of the
Depression (1931) this
figure was around 10 per cent.
The very obvious manifestation of this decline was the rate of
unemployment. The
level of unemployment rose markedly from about the middle of
1929 to reach a peak
of 30 per cent in the June quarter of 1932. In other words at this
time nearly 1 in 3
people looking for employment was unable to find it.
3. Not surprisingly the economic downturn had a fundamental
social effect. In personal
terms, for many people, it was a traumatic experience, in both a
material and
emotional sense. For many the effects were prolonged, and for
some stayed with
them, influencing their attitudes for the rest of their lives.
Causes of the Depression
As previously noted, by the closing years of the 1920s Australia
was already on a
downhill path in terms of the major economic indicators. Old
model economic
development, which had received a second wind, enabling the
development of rural
industries that made even more intensive use of land, and which
seemed to provide
the basis for the much-sought economic expansion and increase
in population, was
running out of steam.
There is little doubt, however, that events in the rest of the
world are the major
4. explanation for the Depression and certainly for its severity. As
one economic
historian has put it ‘the primacy of external factors is not in
doubt’.
The plunge into Depression by the United States in 1929, and
the knock-on effects of
this in just about every major industrialised country (including
Great Britain) had
some fundamental implications for the small Australian
economy, heavily dependent
as it was on rural exports.
2
Both the demand for exports and their price (which had been
falling anyway in the
years prior to the Depression) fell sharply and so did the income
earned from them.
From a national point of view this income was vital in paying
the large interest bill
incurred by the high level of borrowing that had been
undertaken earlier in the 1920s.
5. Thus the high level of borrowing in the 1920s made Australia as
a nation especially
vulnerable to such a fall.
In addition the supply of funds for investment was virtually cut
off. While, as has
been noted, borrowing had been reduced in the later 1920s, a
significant percentage of
aggregate expenditure in the economy still depended on
investment funded by foreign
borrowing. The source of these funds – the capital markets of
Britain in particular –
had now virtually dried up.
So the Depression was the consequence of both internal and
external factors. On the
one hand, the nature of Australian economic development in the
1920s and
particularly the way that faith in rural development and large
scale borrowing,
especially by governments (both state and commonwealth) to
fund the infrastructure
to support it contained its own formula for eventual
6. reevaluation and readjustment –
in much the same way as it had in the 1880s.
World economic events brought these problems to a head. They
exacerbated them and
were an important – some would argue an even more important
– factor. But they
have to be seen in terms of the domestic economic situation on
which they were
superimposed.
Policies to combat the Depression
Initially, policies of governments were directed at the
immediate liquidity and balance
of payments crises resulting from the need to maintain
repayment of loans in the face
of the drying up of funds which could be borrowed, and of the
decline in export
income associated with both the fall in demand for, and the
world prices of, export
commodities.
7. In 1930 and in 1931 the government (led now by James Scullin,
Labor having
defeated the Bruce-Page government in the election of 1929)
further raised import
duties (tariffs) as a way of reducing the demand for imports.
Another significant measure (though it must be emphasised that
it was a policy
pursued by the private banks rather than government itself) was
the devaluation in
January 1931 of the Australian currency vis-à-vis sterling of
about 20 per cent. In the
words of one of the leading analysts of the Depression, ‘the
path to devaluation was
haphazard and circumstantial’ and for our purposes we may
simply take it as having
been executed.
A further measure adopted, also in January 1931, in the face of
the Depression
(though again not directly by governments but rather by the
Arbitration Commission
in response to its belief that wage rates established during the
1920s had increased the
8. 3
cost of production of both exports and import-competing
products so as to render
them uncompetitive) was the reduction in wages of 10 per cent.
Governments (both commonwealth and state) were also required
to address their own
budget positions and the decline in income and employment
associated with the
Depression. This was done through a number of policies,
adopted in June 1931 by all
Australian governments in what became known as ‘the
Premiers’ Plan’. Among the
measures incorporated in the plan were a 20 per cent cut in
government expenditure
and increases in taxation. Despite the stimulatory effect of some
other aspects of the
plan its net effects, when viewed through the prism of
Keynesian economics, were
deflationary.
On the other hand the effect of the other measures referred to
above (even if their
9. intent had been to address immediate problems rather than boost
aggregate demand)
served to make recovery from the Depression fairly rapid.
Recovery from the Depression and the rest of the 1930s
From 1933 economic development was substantial and was
sustained virtually
throughout the remainder of the 1930s. Indeed, the period from
1932/33 to 1938/39
was one where economic expansion was nearly as great as the
first decade or so of the
century and in the first part of the 1920s. In the context of a
significantly lower rate of
population growth (the result both of a lower birth rate and
almost no net
immigration) this resulted in a rate of economic growth that
exceeded any of the sub-
periods in the longer period from 1890 to 1939.
The growth was required, however, merely to restore the
situation to that which had
10. existed prior to the Depression. By 1939 GDP and GDP/head
were barely greater than
the levels of the late 1920s; and the rate of unemployment,
while it declined steadily
after 1932, remained at the end of the decade slightly higher
than it had been in
1926/27 before the slide into Depression.
The economic development of the 1930s is most notable,
however, for the fact that it
marks a sharp break in the underlying impetus for expansion
and growth (or, in the
terms in which it was put previously, the transition from old to
new model
development). This came through the more rapid development
of manufacturing.
Policies adopted to address problems created by the Depression
– the increase in
tariffs, the devaluation of the currency, and the reduction in
wages – whilst they had
not been intended to aid the development of manufacturing and
lead the country out
of Depression, nevertheless served this purpose and were the
major (if somewhat
11. unwitting) factors in the growth of manufacturing industries.
Together the policies made domestic manufacturing more
competitive.
The first response came in the textile industry. Indeed by 1932
employment in this
sector had increased to above pre-depression levels. In a sense
it was the sector that
4
led the way out of the Depression. This was followed by more
comprehensive
increases in production and employment in several other sectors
of manufacturing.
The growth in manufacturing relied heavily on investment (i.e.
the creation of new
capital goods) within the sector, and much of this came from
overseas. The difference
between the 1930s and the decades prior to the Depression was
that this was now
almost entirely in the form of private rather than public
investment. Overseas
12. investment came especially in the form of overseas firms
establishing subsidiaries in
Australia to undertake manufacturing production.
Economic recovery in the 1930s, based as it was on
manufacturing, thus did not
merely represent a return to the previous pattern of development
based on the
exploitation of land as was the case with development after the
1890s Depression.
Whilst the 1890s Depression can be seen (in retrospect) as the
result of the limits to
the supply of good land for the purposes of wool-growing
having been reached, there
were a number of factors – above all advances in technology –
that permitted land to
be used in even more intensive ways in the early decades of the
twentieth century.
These, in a sense, allowed those limits to be stretched to usher
in what has been
characterised as the third phase of ‘old model’ development
based on rural
production.
13. But by the later 1920s the limits to this were again being
reached. The consequences
of this ‘internal process’ were merely exacerbated (albeit in a
fairly spectacular way)
by the world events associated with the 1930s Depression.
After the Depression the rural industries remained the largest
employers of labour and
accounted for the majority of GDP and the overwhelming
majority of exports. And
many remained centres of relative prosperity, particularly the
wool industry which
benefited from an increase in wool prices in the 1930s.
But there was no more talk of the ‘amazing potential’ and the
‘boundless
opportunities’ for development based on rural industry. The
willingness of
governments to underwrite this expected development
evaporated, and public
investment in railways and land development schemes virtually
ceased.
14. There would thus be no ‘fourth phase’ of development based on
the use of land. The
process of ‘old model’ economic development had come to an
end.
Rather, the recovery from Depression was based not on the
production of
commodities for export (i.e. of primary products) but for import
replacement (i.e. of
manufactured goods) – and thus on developments in the
manufacturing sector of the
economy.
The 1930s, following the Depression years early in the decade,
can thus be seen as the
first stage of ‘new model’ economic development based on
developments in
manufacturing. (That these developments have been relatively
little documented
remains a significant gap in Australian economic history.) They
were given a major
boost by the Second World War, which began in 1939.
15. 5
War and Reconstruction
Aside from the substantially negative social effects of the war
(the fears and
uncertainties of having family and friends serving, and dying or
being injured, in the
war itself and the prospect of having the country actually
invaded and occupied by
another country) the purely economic effects, whilst mixed,
were on balance positive.
On the one hand a large proportion of the productive resources
of the country were
either simply taken out of the equation by virtue of their
participation in the armed
forces or were redirected to the production of war-related goods
and services.
Furthermore the output of manufacturing industries serving
ordinary consumer
demands was adversely affected by comprehensive government-
imposed restrictions
and rationing and the compulsory redirection of resources to
16. serving the war effort.
The production of many manufactured consumer goods thus
decreased despite the
high degree of ‘natural protection’ that was afforded domestic
industries by the effect
of the war on the production of other countries and on
transportation, thus cutting off
supplies of hitherto imported goods.
But, on the other hand, the war served as a stimulus for demand
of both rural and,
even more so, manufacturing industries. Indeed it was in respect
of the latter that we
can identify what is perhaps the most significant economic
implication of the war.
The demand for a wide range of manufactured goods, including
armaments, tin-plate,
machine tools, textiles and motor vehicles, both within
Australia and from other
countries, notably the United States (in both cases especially as
a result of increased
expenditure by government) increased very markedly. This gave
a huge boost to
17. Australian manufacturing industries.
These industries were able to respond because of the basis that
had been laid in the
development of these industries in the pre-war decades. A major
factor in the response
was that, despite a large amount of labour supply being diverted
to the war effort (as
men joined the direct military effort) there was a remarkable
increase in the number of
women who entered the workforce, many of them to do work
that had traditionally
been regarded as the province of males only. (In this respect
there was a contrast to
the experience of the First World War).
The war also gave a very significant boost to service industries
as a result particularly
of the large number of US military personnel stationed in
Australia.
At the conclusion of the war, and in the years immediately
following – the late 1940s
and early 1950s – the principal challenge was to resume normal
economic activity.
18. There were a number of concerns about the economic effects of
the resumption of
‘normal’ economic circumstances.
On the one hand it was clear that a large amount of aggregate
demand – particularly
for war-related manufactures (such as armaments and heavy
vehicles) and for
consumer goods and services related to the large number of US
service personnel who
had been stationed in or passed through Australia – would
disappear.
6
On the other hand it was recognised that there was a pent-up
demand for consumer
goods denied to Australian consumers during the war (a result
in large part of the
rationing of many goods that had been imposed during the war).
There was even some concern that the economy would not be
able to produce the
19. goods and services that would be demanded (either via
production within Australia or
production of goods which could be exported in order to gain
the revenue to import
goods).
This concern stemmed largely from the fear that in the
immediate post-war period
there would be a labour shortage, as a consequence of the sheer
loss of life during the
war (and hence to put it in stark economic terms the loss of the
productive resource,
labour) combined with the lagged effect of the significant fall in
birth rates that had
prevailed virtually since the onset of the Depression in 1929
(and hence an anticipated
fall in the additions to the workforce from the mid 1940s
onwards).
Offsetting this concern were the prospects of (i) a sudden
‘injection’ of labour as a
very large number of men and women who had been in the
armed forces returned to
civilian life, and (ii) the maintenance of the increase of the
20. percentage of the total
population in the workforce, as women (or at least a proportion
of them) who had
entered the workforce during the war would elect to stay there.
In addition, after about 1946/47 there was the unknown effect,
on both the demand
and supply sides, of a large scale immigration program
implemented after the war.
This program foreshadowed both a massive injection labour as
well as a large
increase in aggregate demand, not only for consumer goods and
services but also for
infrastructure including housing. (The economic effects of
immigration will be
analysed in more detail in a later topic).
So there were a number of factors in the aftermath of the war
affecting the overall
balance of supply and demand. But the prevailing concern was a
surplus of supply of
productive resources over demand and a return to economic
stagnation.
21. As it happened this didn’t occur, for a number of reasons.
Firstly, there was a sustained increase in the demand for rural
products from countries
whose economies had been disrupted by war but which, in the
case of European
countries thanks largely to the US-initiated Marshall Plan,
recovered quickly from the
war. This growth was for a wide range of rural products, but in
particular wool. The
Korean War, coming in the early 1950s only a few years after
the end of World War
II, took this demand to even greater heights.
The post-war decades were thus ones of prosperity for the
majority of rural producers
and, particularly at the time of the Korean War, wool-growers.
(Stories abound of
wool-growers around this time lighting their pipes with five
pound notes and carrying
sheep around in the back seats of their Rolls-Royces.)
But the most significant element in the immediate post-war
economy was a sustained
22. boom in the manufacturing sector.
7
Whilst manufacturing industries had to adjust from war-related
production, their
capabilities had been hugely expanded during the war years.
There was the predicted demand for a wide range of consumer
goods, and the
intermediate and capital goods required to produce them, which
came both from the
high incomes that were generated in the rural sector and the
demand that originated
from the large number of immigrants who started to enter
Australia in the post-war
decades. (Whilst the supply effects of the massive increase in
labour that resulted
from the large-scale immigration that occurred in the late 1940s
were the focus of
concerns about its economic impact, it was the increase in
demand that resulted that
had the more significant consequence.)
23. But perhaps the most important element in the increase in
aggregate demand came
from an increase in investment expenditure (I). Most of this was
private (i.e. non-
government). And much of it originated overseas. So foreign
investment was a critical
element in the post-war boom. (This aspect will also be taken
up in more detail in a
subsequent topic.)
And in the whole equation, government policy played a major
role in terms both of
government expenditure itself and the relaxed policy of the
government towards
foreign private investment and the foreign ownership and
control of resources that this
implied.
The Depression, along with the rapid acceptance of Keynesian
economics (the central
proposition of which is that government expenditure (G) is an
element of aggregate
expenditure that can and should be adjusted so as to ensure
aggregate production is at
24. a level that ensure the full employment of resources,
particularly labour) had led to a
resolve to maintain full employment.
But the government of the day found itself faced with the
greater need to assist also
on the supply side i.e. to encourage the production of goods and
services to meet
demand.
Symbolic of what occurred in this period (and in itself of
considerable economic
significance) was the establishment of a domestic motor vehicle
industry based on the
investment by the US-owned General Motors Corporation to
produce the Holden
motor car. The (Labor) government of the time overcame its
philosophical opposition
to foreign ownership and control to permit General Motors to
establish itself in the
country in order to produce a motor vehicle that had virtually
100% local content (and
became proudly referred to in the late 1940s and 1950s as
‘Australia’s Own Car’).
25. The process of economic reconstruction was interrupted at the
beginning of the 1950s
by a short period of economic fluctuation, characterised firstly
by high inflation (a
result in large part of a very considerable increase in the price
of wool associated with
the Korean War) followed by a short period of reduced
economic growth. But the
ensuing years – right through the ‘50s, ‘60s and early ‘70s –
saw a sustained period of
economic expansion accompanied by economic growth.
8
The Long Boom
The ‘Long Boom’ is sometimes dated from the beginning of the
Second World War
(1939/40) and sometimes from the conclusion of the War (the
mid 1940s). And the
war and immediate post-war years were indeed ones of higher
26. expansion and growth
than had characterised the previous half century
While there was some instability in the years immediately
following the end of the
war (and particularly at the beginning of the 1950s), from the
early 1950s the next two
and half decades (up until the mid 1970s) witnessed a
historically high, and (with only
a slight ‘dip’ at the beginning of the 1960s) sustained, rate of
both expansion and
growth. In all this time the rate of unemployment hardly rose
above 3 per cent (and
was considerably below this for most of it) while inflation (until
towards the end of
the period) only occasionally rose above 2-3 per cent.
(In political terms the period is identified with the dominance of
a conservative
coalition government [a coalition between the Liberal Party and
Country Party] over
the years 1949 to 1972, led for most of it by Robert Menzies
(1949-65) then until
1972 by Prime Ministers Holt, Gorton and McMahon. The
27. coalition had come to
power in 1949, defeating the Labor Party which had been in
government for most of
the 1940s under the prime ministerships of John Curtin and Ben
Chifley, and was
defeated by Labor in 1972 which, under the prime ministership
of Gough Whitlam,
presided over the end of the Long Boom in the mid 1970s. The
coalition’s only brush
with political defeat came in the early 1960s when the
government was judged
harshly for having been in charge of an economy where
unemployment – briefly and
slightly – exceeded 3 per cent.)
Economically, the period as a whole is characterised by an
average rate of economic
expansion almost double that of the half century up until the
Second World War, the
increase being stimulated largely by a markedly higher rate of
population increase.
The latter stemmed partly from a large scale immigration
program, pursued from the
late 1940s, and an increase in the birth rate in the post-war
28. decades (the ‘baby boom’).
The total population of the country increased by about 80 per
cent during this time.
What is significant is that this economic expansion, spurred as
it was by the
population increase, was accompanied by an increase in
productivity such that
economic growth (the average annual rate of increase in GDP
per person) was at a
historically (for Australia) high level. This was a period in
which GDP/capita in
absolute terms (a measure generally used as a proxy for the
standard of living) just
about doubled.
As is the case with much of Australian economic development
the Long Boom is
explained partly in terms of external factors. The international
economic environment
in the post-war decades was conducive to growth in Australia.
An economic boom,
led by the US, was shared by most Western developed
economies.
29. The causes of the worldwide boom – as is the case with the
causes of the worldwide
depression of only a few decades earlier – are complex. They
are to be found in a
confluence of circumstances which are inter-related: technical
innovation; greater
mobility of both labour and capital; the growth of world trade;
the absence of major
9
conflicts (both the Korean and Vietnam wars, not to mention the
Cold War, had some
particular impacts though many of these were, in economic
terms, actually positive);
the relative stability of currencies and domestic economic
conditions (the latter the
result largely of the understanding of economic management
that came with
Keynesian economics); and (at least in the early part of the
period) a cyclical element
and ‘catch-up’ factor, particularly in respect of investment,
following more than a
decade of depression and war.
30. All this meant that Australia as a nation would have to have
been doing something
pretty silly not to have been one of the ships rising with the
tide, at least to some
extent.
But the Australian experience of the post-war boom was
distinctive in some key
respects.
Perhaps the most obvious characteristic of the Australian
economy during this period
(certainly during the first part of it) was that there were large
and sustained increases
in both the supply of economic resources (notably labour and
capital) and in the
demand for the products of those resources.
In respect of labour, supply was increased dramatically as a
result of the large scale
immigration program initiated by the government almost
immediately after the war.
31. In respect of capital there was a high level of investment (i.e.
the creation of capital
goods). One piece of analysis (undertaken by Rodney Maddock)
concludes that over
the years from 1946/7 to 1969/70 capital inputs grew at an
average rate of 5.2% per
annum. This compared to a growth rate in the first four decades
of the century of only
about 2%. This was fuelled particularly by investment funded
from overseas. And
much of the foreign investment was in the form of direct
investment; that is of foreign
companies establishing Australian subsidiaries (along the lines
of General Motors
previously mentioned).
This increase in the aggregate supply of resources was matched
by a high level of
aggregate demand.
Consumption demand (C) in particular was fuelled by the high
level of immigrants as
well as the high level of natural increase (the beginning of what
came to be known as
32. the ‘baby boom’) and the government of the day embarked on
major investment
projects such as the Snowy Mountains Hydro-Electric Scheme.
So (as already noted) there was a high level of economic
expansion. The total ‘size’ of
the economy grew at a rate well in excess of that in the pre-war
decades.
The sector of the economy which this revolved around was
manufacturing, building
on the developments in the 1930s, during the war, and in the
immediate post-war
years.
Rural industry still remained a major focus of economic activity
and rural exports still
accounted for the majority of total exports. But the focus
shifted to manufacturing and
this sector became the basis of economic expansion.
10
Critical to this development was the underpinning of the policy
33. of trade protection.
This came primarily in the form of the tariff where policies
dated back to earlier in the
century.
But critical also (at least in the 1950s) were direct import
controls (i.e. physical
restrictions on the import of manufactured goods).
These controls were implemented at the beginning of the 1950s
primarily in response
to concerns about the outflow of Australian currency i.e. for
balance of payments
reasons. But by placing a physical limit on imports they had the
effect of giving
domestic manufacturers an additional boost.
Together, these policies virtually guaranteed the profitability of
manufacturing
industry and high returns to investment in manufacturing during
the 1950s and 1960s.
Manufacturing is discussed in more detail in later topics, but
suffice to say here that
34. the rapid growth of a wide range of manufacturing industries,
behind the protective
barrier provided by import controls and the tariff, was the
principal engine of the
economic expansion that occurred in these decades.
What is significant for Australian economic development is that
this economic
expansion provided the context for economic growth (i.e. for
there to be increases in
GDP per head – and thus for there to be an increase in the
material standard of
living). In other words the economic development that occurred
during this period
brought with it increases in productivity.
This is attributable very largely to the fact that the vehicle for
economic expansion,
manufacturing, was based to a very large extent on overseas
investment (principally
direct investment e.g. in the form of overseas enterprises
establishing Australian
subsidiaries – the ‘General Motors model’ if you like). This
brought with it new
35. technology and methods of production (often described in the
language of the time as
‘know-how’) which resulted in productivity increases.
The progressive reallocation of resources away from rural based
industries (which as
we can now see were suffering in the 1920s from decreasing
returns as output was
expanded) towards manufacturing was thus providing for a
higher level of output per
unit of input.
In other words Australians were actually better at
manufacturing things than
continuing to expand industries based on the fixed resource of
land. It looked as
though the vision of Stanley Melbourne Bruce (the prime
minister in the 1920s who
looked for Australians to be more than ‘mere hewers of wood
and drawers of water’)
was right.
And the higher level of GDP per head served to further boost
the investment, both
36. domestic and foreign, that sustained the high rate of economic
expansion and the long
boom.
11
But the final decade or so of this period becomes somewhat
more complex.
The Last Hurrah
The long boom – at least in the sense of the economic outcome
measured in terms of
economic expansion and economic growth – was sustained
through to the mid-1970s.
Indeed the closing years of the 1960s and to a slightly lesser
extent the early years of
the following decade were ones of even higher expansion and
growth.
But this was not because of what was happening in the
manufacturing sector (and
37. indeed in some ways it was despite it). In fact the returns to
manufacturing industries
began to diminish after about the mid-1960s and with these
decreasing financial
returns to investors Thus the productivity increases which had
typified manufacturing
developments and explain the rate of increase in GDP per capita
also began to fall.
As a consequence of this decline in profitability, investment in
the manufacturing
sector also fell from this time.
We will look at this phenomenon more closely when we
consider manufacturing in
more detail in a later topic.
However, as it happened, the trend was masked – and indeed
more than compensated
for – by a very marked increase in investment in the mining
sector after the mid-
1960s.
Whereas in the mid-nineteenth century, and in the 1890s,
mining (particularly of gold)
38. had been a very significant element in economic growth, mining
was a very minor
activity for the next five or six decades. However, this changed
dramatically in the
1960s as a result particularly of demand from Japan for
minerals – notably iron ore,
coal (both coking coal which along with iron ore was used in
the iron and steel
industry, and steaming coal, for use in power generation) and
bauxite (used to
produce aluminium). The signing of a trade agreement with
Japan in the late 1950s,
the lifting of the embargo of sales of iron ore to Japan which
had been imposed just
before the second world war, and the booming Japanese
economy at this time were all
significant in these developments.
The result was that from the mid-1960s there was a sharp
increase in investment in
establishing mines, and associated infrastructure (including in
Queensland whole
‘new’ mining towns e.g. Moranbah, Dysart and Middlemount)
based on the extraction
39. of iron ore (notably in the north-west of Western Australia),
coal (especially in central
Queensland) and bauxite (at places including Weipa in
Queensland and Gove in the
Northern Territory).
So the last few years of the long boom (the later 1960s and
early 1970s – what turned
out to be the last hurrah of the Long Boom) were essentially the
result of high levels
of profitability of the mining industry. Even though mining
wasn’t directly a high
employer of labour developments in the industry had a
significant influence on the
rest of the economy, in large part because of continuing high
levels of investment
associated with bringing new mining projects into production.
The level of exports
12
also grew markedly during these years as the bulk of the
minerals produced were
exported.
40. Thus both the I and X components of aggregate expenditure
were boosted.
As it turned out investment in mining was highly profitable, and
it brought with it a
rapid increase in productivity which underpinned the
historically high rates of
economic growth in the later 1960s and early 1970s.
Political developments
It was during these years that Australians changed their politics,
in 1972 voting in a
Labor government (led by Gough Whitlam) for the first time
since 1949 when the
long boom was in its infancy. The Whitlam government was
elected on the promise of
greater attention to social welfare issues – implicitly offering to
deliver the fruits of
the economic growth which Australians had experienced for
well over two decades in
a form that emphasised aspects of well-being such as health and
education. The
41. slogan for the election was ‘It’s Time’ and the election of the
government has to be
seen indeed as a reflection of the time: the platform of the
Labor Party at the time can
only be understood in the context of a preceding period of
economic prosperity and
the feeling that ‘we should be getting more out of it’ in terms of
all-round welfare.
The confidence – even the complacency – of the time is well
reflected in the
statement of Treasurer Frank Crean made in 1973: ‘Anyone who
can read the present
economic signs should be an optimist not a pessimist. 1974
would be a more
prosperous year than ever before for Australia.’
The end of the long boom
But the long boom came to a quite abrupt end in 1974 – indeed
it can be dated fairly
precisely to the June quarter of 1974. In the words of one
economist (Wolfgang
Kasper): ‘The celebration crumbled … ’.
42. Unemployment jumped suddenly and markedly – from a level of
less than 2 per cent
to around 8 per cent in the period of just a few years. This was
also accompanied by
higher levels of inflation which had also been at low levels of
around 2 to 3 per cent
for much of the preceding decades and which, in terms of the
conventional economic
wisdom of the time, was thought to vary inversely with
unemployment. The
phenomenon of simultaneous increases in the levels of both
unemployment and
inflation – and the advent of what was termed ‘stagflation’ –
was wholly new.
The answer to the question ‘why did the long boom end?’ lies
(again) in a complex of
both domestic and international (or ‘internal’ and ‘external’)
factors which are quite
difficult to disentangle.
One of the most significant ‘external’ factors was a sharp
increase in oil prices. The
43. year 1973 saw the first so-called oil price shock as the result of
the collective decision
of the major oil-producing countries to limit production. This
led to a sharp increase
13
in world oil prices Not only did this adversely affect the
profitability of Australian
industry generally it had a major impact on most developed
overseas countries –
including those who were major buyers of our exports. The
consequence was a fall in
world prices of many of our exports and a decrease in export
demand, while the cost
of production of goods and services which used oil as an input
rose.
Along with other factors this was the trigger for the sudden
turnaround.
But – as is the case of earlier downturns that occurred at the end
of the 1920s and
before that the end of the 1880s – we need to look also at the
more fundamental
44. internal processes of economic development within Australia.
Probably the most important explanation stems from the very
fact that the last phase
of the long boom was driven primarily by growth in the mineral
sector of the
economy. (Manufacturing had left the scene a decade earlier.)
Not only was there a boom – a highly productive boom – in the
mining of iron ore,
coal and bauxite, the period also saw the rapid development of
domestic oil
production (based particularly on the Bass Strait oilfields) and
the reduction in the
need to import oil. Together these factors implied an increase in
X and a decrease in
M. Thus one of the major consequences of this period was a
dramatic improvement in
the balance of trade and the balance of payments generally.
In a regime of an exchange rate that was determined by market
forces this would have
led to an appreciation of the currency. But at this time the
currency was fixed and for
45. a variety of reasons, including political considerations, it was
not revalued.
Consequently during the late 1960s and early 1970s there was a
large increase in
Australian reserves. And the increase was actually augmented
by an inflow of
speculative capital which was based on the belief that an
appreciation of the currency
was going to become necessary in the near future.
It was widely felt, however, that there little benefit in merely
accumulating reserves.
(It’s a bit like accumulating money in a bank account… what’s
the merit in it if you
can’t spend it?). So – quite extraordinarily when we look back
on it – policy-makers
were searching for ways in which we could increase our
spending on imports as a
way of deriving some benefit from our export bonanza.
This coincided – to a large extent independently – with a
growing concern about the
desirability of the Australian policy of tariff protection. Import
controls (an important
46. element in trade protection which had assisted the development
of manufacturing
industry) were abolished at the end of the 1950s (a decision
based essentially on
‘balance of payments considerations’). As a consequence, the
tariff returned to centre
stage as the vehicle for trade protection. And in response to a
clamour among
domestic manufacturing industries a series of increases were
granted. As a result, by
the end of the 1960s the effective rate of protection of
Australian manufacturing as a
whole rose to around 36%, one of the highest in the world.
Growing concern about
the implications of such a high rate of protection led to an
increasingly critical
approach among policy makers in the late 1960s and early 1970s
towards tariff policy.
14
These two factors – whatever their relative importance – came
together in a quite
47. dramatic policy, implemented in 1973, of cutting tariffs by 25%
across-the-board.
This was a major – though fairly blunt – step in tariff reform
which served to make
imports cheaper and acted as an encouragement to Australian
consumers to purchase
overseas rather than domestically produced goods.
It thus had a severe adverse effect on Australian manufacturing
industry and it came
on top of several years – though it was not so obvious at the
time – of declining
profitability, and declining investment in manufacturing
generally.
So the tariff cut of 1973 both reflected and hastened the decline
in manufacturing.
A final factor to add into this mix is the fact that by around
1974 the investment boom
in the mining sector – which had had significant linkage effects
and created demand
in many other sectors of the economy – was drawing to a close
simply because many
48. of the projects in the major sectors had come to fruition.
The consequence of all these factors is that there was a massive
fall in aggregate
demand and the ensuing years (i.e. the second half of the 1970s)
were ones of
significantly lower growth and increasing in unemployment of a
sort unimaginable at
the beginning of the decade.
A Final Question: Can We Look Back at a ‘Golden Age’?
The term ‘golden age’ is one that was coined in the years
immediately following the
long boom when the 1950s and 1960s were looked back upon
fondly.
The period received this label essentially because of its
economic achievements – as
noted before, a doubling of the standard of living in the context
of a population
increase that was nearly as great. It was a period characterised
by the introduction into
most people’s lives of a wide range of new types of
49. consumption goods – where the
refrigerator replaced the ice chest, the automatic washing
machine replaced the
copper, the motor mower replaced the old one you used to have
to push around, and
where the family motor car became the norm rather than the
exception.
Indeed it could be argued that these manifestations of economic
growth made a
greater difference to people’s everyday lives than the
manifestations of economic
growth in the later decades of the century - such as the
widespread use of the mobile
phone or the home theatre.
The period of the long boom was also looked back on fondly for
reasons that went
beyond the purely economic. As the uncertainties of the
Depression and war years
faded (and despite the uncertainties created by the Cold War,
and later in the period,
the Vietnam War) economic prosperity increased in the context
of a much greater
50. degree of certainty and security. This was due in large part to an
economic policy of
protection – not only trade protection that had brought the
benefits of industrialisation
but other policies which were part of the policy of protection in
the wider sense (of
‘sheltering people from the harsh realities of the free market’)
and which were
15
embodied in a network of policies which has been described by
the term ‘The
Australian Settlement’.
In the latter decades of the twentieth century, however, the
period of the long boom
and the label ‘golden age’ that came to be attached to it came to
be regarded with a
certain amount of scepticism.
For all the benefits that the period delivered to Australians the
period can, in
retrospect, be seen as one, firstly, where Australian economic
performance compares
51. poorly to other comparable high-income nations; and secondly,
where the whole basis
for economic development during the period was limited and
artificial.
The first point is illustrated simply but starkly by the data in
Tables C(i) and (ii).
The second rests on the fact that there was a fundamental
weakness in ‘new model’
economic development in that it was based on the development
of manufacturing
industry almost exclusively to meet only domestic demand. In
other words it was
based essentially on the policy of import replacement.
So this whole ‘development strategy’ was limited by the
relatively small size of the
Australian population. And it could only be profitable on the
essentially artificial
foundation of protection.
Basically it could not be sustained in the face of the increasing
competitiveness of
52. manufacturing industries in other parts of the world to which
Australian industry was
for a time able to shield itself but to which it was increasingly
being exposed.
As a result the development of the Australian manufacturing
sector was running out
of steam by the mid-1960s. The ‘long boom’ that it produced
was extended into the
late 1960s and 1970s only by developments in the mining sector
of the economy.
Whilst in the closing decade of the twentieth century and the
first decade of this
century mining has continued to be a key underpinning of
economic development in
Australia the first mining boom in the late 1960s and 1970s
came to a halt in the mid
1970s and exposed the fragility of the development process
based on manufacturing
which it had served to temporarily prolong.
There were, in other words, built-in limitations to the period of
economic expansion
and growth characterised as the ‘long boom’, which means that
53. we should use the
term ‘golden age’ to describe the period with a degree of
caution.
Well return to this theme in subsequent topics.