Jump to ContentJump to Main Navigation
Why Australia ProsperedThe Shifting Sources of Economic Growth$
Users without a subscription are not able to see the full content.

Ian W. McLean

Print publication date: 2012

Print ISBN-13: 9780691154671

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691154671.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 29 June 2022

The Pacific War and the Second Golden Age

The Pacific War and the Second Golden Age

(p.176) Chapter 8 The Pacific War and the Second Golden Age
Why Australia Prospered

Ian W. McLean

Princeton University Press

This chapter details how the Second World War imparted a more favorable shock to the economy than the First. The postwar international economic environment was much more conducive to raising incomes than it had been after 1919. In the 1950s, prosperity was further underpinned by the Korean War wool boom, and by an intensification of the process of import substituting industrialization. In further narrowing the focus to civilian consumption, the massive diversion of resources into the defense sector predictably resulted in a decline in consumption expenditure per capita during both wars, but by less during the Second World War. With this caveat, it seems appropriate to describe the Second World War as delivering on balance a positive shock to the Australian economy.

Keywords:   Second World War, postwar economic environment, prosperity, Korean War, wool boom, import process, civilian consumption

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.