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The Revival of Economic Liberalism: Australia in an International Perspective

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  • David Henderson

Abstract

Over the past 15 years or more, all the member countries of the OECD, including Australia, have liberalised their economic systems: there has been a general adoption of market‐oriented economic reforms. This article surveys the process of reform during this period for all the OECD economies, but with special reference to developments in Australia. It looks at five main areas of policy: financial markets (national and international), public finance, privatisation and deregulation, labour markets, and international trade. It considers in turn the nature of the process, the course and content of reforms, the main causal influences at work, and the impact and significance of liberalisation. In doing so, it draws extensively on work carried out in the OECD Secretariat.

Suggested Citation

  • David Henderson, 1995. "The Revival of Economic Liberalism: Australia in an International Perspective," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(1), pages 59-85, January.
    • Handle: RePEc:bla:ausecr:v:28:y:1995:i:1:p:59-85
    DOI: 10.1111/j.1467-8462.1995.tb00876.x
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    References listed on IDEAS

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    1. Martin Feldstein, 1994. "American Economic Policy in the 1980s: A Personal View," NBER Chapters, in: American Economic Policy in the 1980s, pages 1-80, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Marshall, Ben R. & Cahan, Rochester H., 2005. "Is technical analysis profitable on a stock market which has characteristics that suggest it may be inefficient?," Research in International Business and Finance, Elsevier, vol. 19(3), pages 384-398, September.
    2. John Quiggin, 2005. "Economic liberalism: fall, revival and resistance," Australian Public Policy Program Working Papers WP3P05, Risk and Sustainable Management Group, University of Queensland.
    3. Mubashir Qasim, 2019. "Sustainability and Wellbeing: A Text Analysis of New Zealand Parliamentary Debates, Official Yearbooks and Ministerial Documents," Working Papers in Economics 19/01, University of Waikato.
    4. David Henderson, 1997. "Measuring Economic Freedom and Assessing its Benefits: James Gwartney, Robert Lawson and Walter Block, Economic Freedom of the World, 1975-1995, The Fraser Institute, Vancouver, 1996," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 4(2), pages 209-216.
    5. Michael Ryan, 2020. "An Anchor in Stormy Seas: Does Reforming Economic Institutions Reduce Uncertainty? Evidence from New Zealand," Working Papers in Economics 20/11, University of Waikato.

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