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Protection and Liberalisation in Australia and Abroad

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  • W. Max Corden

Abstract

This article reviews changes in Australian protection policy between 1967 and 1995, particularly the political economy aspects. The story is quite complex, and until 1974 was unusual by international standards, with a sophisticated Australian tariff debate and the remarkable transparency role of the Industry Assistance Commission (IAC), and its predecessor, the Tariff Board. The role of Alf Rattigan, Chairman of the Tariff Board and later the IAC, is stressed. Liberalisation since 1988 has been drastic, so that most tariffs will be brought down to 5 per cent by the year 2000. All quotas were ended by 1993. This can be contrasted with very high protection levels in 1967 and quite high levels even in 1987. Substantial unilateral trade liberalisation normally requires exchange rate depreciation, and the floating of the Australian dollar made the tariff reductions possible. The motives for Australian trade liberalisation in the 1980s are compared with those for similar liberalisations in many developing countries.

Suggested Citation

  • W. Max Corden, 1996. "Protection and Liberalisation in Australia and Abroad," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 29(2), pages 141-154, April.
    • Handle: RePEc:bla:ausecr:v:29:y:1996:i:2:p:141-154
    DOI: 10.1111/j.1467-8462.1996.tb00921.x
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    References listed on IDEAS

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    1. W. M. Corden, 1962. "The Logic Of Australian Tariff Policy," Economic Papers, The Economic Society of Australia, vol. 1(15), pages 38-58, December.
    2. John Williamson, 1994. "The Political Economy of Policy Reform," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 68, July.
    3. Corden, W. M., 1971. "The substitution problem in the theory of effective protection," Journal of International Economics, Elsevier, vol. 1(1), pages 37-57, February.
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    Cited by:

    1. Andrew Marks, 2015. "Dimensions of Textile, Clothing and Footwear Production in the High Wage Cost Country of Australia in a Globalised Environment: Some Interesting Revelations," Research in World Economy, Research in World Economy, Sciedu Press, vol. 6(2), pages 72-84, June.
    2. Kym Anderson, 2020. "Trade Protectionism In Australia: Its Growth And Dismantling," Journal of Economic Surveys, Wiley Blackwell, vol. 34(5), pages 1044-1067, December.
    3. Phillip McCalman, 2004. "Protection for Sale and Trade Liberalization: an Empirical Investigation," Review of International Economics, Wiley Blackwell, vol. 12(1), pages 81-94, February.
    4. Handley, Kyle, 2014. "Exporting under trade policy uncertainty: Theory and evidence," Journal of International Economics, Elsevier, vol. 94(1), pages 50-66.
    5. Christis G. Tombazos, 2003. "Unprotective Tariffs, Ineffective Liberalization, and Other Mysteries: An Investigation of the Endogenous Dimensions of Trade Policy Formation in Australia," Southern Economic Journal, John Wiley & Sons, vol. 70(1), pages 49-74, July.
    6. Andrew Marks & Mehdi Sadeghi, 1998. "Testing the Olson Hypothesis within the Australian Context," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 31(2), pages 130-144, June.
    7. Sebastián Galiani & Paulo Somaini, 2018. "Path-dependent import-substitution policies: the case of Argentina in the twentieth century," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 27(1), pages 1-53, December.

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