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Wazza · 2004-05-01, 01:20 AM

A brief* and grossly simplified history - Australia erected a massive wall of trade protection during the 50s and 60s - primarily during the Menzies govt however following govts were guilty of perpetuating these practices. In addition to this the banking system was heavily regulated and closed to outsiders - the exchange rate was also fixed (the Reserve Bank equiv. of the US Fed being the arbiter of the exch rate).

During the 80s this system was gradually dismantled - the banking system was openned up to outside competition and the dollar was floated (albeit a dirty float - a situation which still exists today). The newfound "free" money generated by the massive influx of outside capital led to inflation bordering on hyper and interest rates soured in an attempt to counter this (at one point my parents were paying 17%+ on their home loan).

Tariff protections have been gradually scaled back (primarily from the late 80s onwards). The mantra being "learn to compete or bugger off". Under the protectionist regime many industries were frankly grossly inefficient and were in desperate need of reform. Many companies went broke, many thousands of people lost the jobs they thought they'd be working until they retired. IT HURT - it hurt bad... but sadly it was necessary.

The simple fact is that the longer you "protect" inefficiencies the more it hurts when you address the issue. Protection may be politically popular but keeping a govt in power is just about the only good thing it does.

I could go on for a week - but I've got other stuff to be doing...

This is an interesting article on point (last para is quite funny imo) - http://www.techcentralstation.com/012004B.html
From above - the link to Ricardo in the second paragraph is quite interesting considering he wrote it in the early 19th Century (he was right then and he's right now) - http://www.econlib.org/library/Ricardo/ricP.html
On the costs of protection - http://www.freetrade.org/pubs/speeches/ct-dg022599.html
Read paragraph #4 - 219 ppl have a job - the US economy pays $1.4 per annum for every single one of them... - http://www.dallasfed.org/fed/annual/2002/ar02f.pdf

Wazza
Certified Practicing Bush Economist

*The brief bit turned out to be a horrible lie...

2004-05-01, 01:20 AM	#1
Wazza I'm a jaded evil bastard, I wouldn't piss on myself if I was on fire... Join Date: Apr 2003 Location: Melbourne, Australia Posts: 808	A brief* and grossly simplified history - Australia erected a massive wall of trade protection during the 50s and 60s - primarily during the Menzies govt however following govts were guilty of perpetuating these practices. In addition to this the banking system was heavily regulated and closed to outsiders - the exchange rate was also fixed (the Reserve Bank equiv. of the US Fed being the arbiter of the exch rate). During the 80s this system was gradually dismantled - the banking system was openned up to outside competition and the dollar was floated (albeit a dirty float - a situation which still exists today). The newfound "free" money generated by the massive influx of outside capital led to inflation bordering on hyper and interest rates soured in an attempt to counter this (at one point my parents were paying 17%+ on their home loan). Tariff protections have been gradually scaled back (primarily from the late 80s onwards). The mantra being "learn to compete or bugger off". Under the protectionist regime many industries were frankly grossly inefficient and were in desperate need of reform. Many companies went broke, many thousands of people lost the jobs they thought they'd be working until they retired. IT HURT - it hurt bad... but sadly it was necessary. The simple fact is that the longer you "protect" inefficiencies the more it hurts when you address the issue. Protection may be politically popular but keeping a govt in power is just about the only good thing it does. I could go on for a week - but I've got other stuff to be doing... This is an interesting article on point (last para is quite funny imo) - http://www.techcentralstation.com/012004B.html From above - the link to Ricardo in the second paragraph is quite interesting considering he wrote it in the early 19th Century (he was right then and he's right now) - http://www.econlib.org/library/Ricardo/ricP.html On the costs of protection - http://www.freetrade.org/pubs/speeches/ct-dg022599.html Read paragraph #4 - 219 ppl have a job - the US economy pays $1.4 per annum for every single one of them... - http://www.dallasfed.org/fed/annual/2002/ar02f.pdf Wazza Certified Practicing Bush Economist The brief bit turned out to be a horrible lie... __________________ I sale Internet My sites have no traffic and no PR - let's trade - PM me Last edited by Wazza; 2004-05-01 at 01:25 AM..*