Focusing on Australia's position within the global economy, this thorough reference presents a striking picture of the interaction between politics and economics. Beginning with historical analysis of this relationship, the study presents Australia's origins as a convict settlement through its development of self-governing colonies to its ultimate development as a federation. Addressing such questions as "How did Australia transform from a protected, insular country to an outwardly focused, globalized one? "and "Why, in the current economic climate, should Australia resist a return to its protectionist past?," " "this extensively researched account argues that now, more than ever, the state has a responsibility to promote diversification of trade while regulating economic activity and ensuring that the benefits of growth are spread as widely as possible.

Tom Conley is program director of the Asian studies and international relations departments within the Griffith Business School at Griffith University-Brisbane. He has published widely and is a frequent commentator on economic matters.