Historical View of Australia

Paper Summary:

This paper elucidates on the history of Australia highlighting the challenges and how the country was able to curb them in a successful manner. Australia's relations with the United States during the twentieth century, the Australian monetary system, the Commonwealth Bank and the problem of Australian national debt are looked into for a better understanding of the economic, strategic and political stance in the twentieth century. The success of the Australian Commonwealth bank is analyzed as being the prime success of the Australian economy, while the problem of national debt is looked at as a major crisis occurring in the otherwise glorious century in Australian history. Following is a comprehensive analysis that acquaints the reader with the weaknesses and strengths of Australia.

Table of Contents:
Introduction
Historical Background
Australia and United States Relationship in the Twentieth Century
The Commonwealth Bank and Australian Monetary System
Central Bank 1920-60
Downside of Australia: Constitutional Crisis of 1975 and Problem of National Debt:
Role of USA in Resolving the Crisis:
Issue of National Debt
Conclusion

From the Paper:

"The new federation quickly moved towards the institutionalization of its economic and socio-political and industrial revampment for the perusal of prosperity. What followed was governance that gained popularity for its liberal legislation.
Australia immediately instituted high protective tariffs in order to restrain competition to Australian infant industry. This gave a major head start to the Australian industrial development, a form of supplementation for the infant industry to develop without facing any unhealthy competitions until its ready for the world market. In the next two decades many important enactments were ratified. Most notably, Pacific Island Laborer's Act 1901, Immigration restriction Act 1901, Commonwealth Franchise Act 1902, Judiciary Act 1903, Conciliation and Arbitration Act 1904, Supreme Court Ordinance no. 9 of 1911, Commonwealth Electoral Act 1924 and Belfour Declaration 1926. In fact, the two decades of legal formulation serve as a milestone of Australian development as an industry, society, government and economy. The Laborer's Act of 1901 was enacted to deport a vast majority of the Pacific Islanders by December 1907."

Sample of Sources Used:

• Australian Constitutional crisis of 1975, 1 December 2005, Wikipedia Encyclopedia retrieved online on 2nd December 2005 at http://en.wikipedia.org/wiki/Australian_constitutional_crisis_of_1975
• Bijit Bora and Mervyn K. Lewis, 1997, The Australian Financial system: evolution, regulation and globalization, Law and Policy in International Business, George Town University Law centre, vol: 28, issue: 3, pg: 787-811.
• Christopher Waters, 2005, Casey: Four decades in the making of Australian Foreign Policy, The Australian Journal of Politics and History, University of Queensland Press, vol: 51, issue: 3, pg: 380+
• Commonwealth Bank, 28 November 2005, Wikipedia Encyclopedia, retrieved online on 2nd December 2005 at http://en.wikipedia.org/wiki/Commonwealth_Bank
• Documenting Democracy Australia's story: timeline, National Archives of Australia, retrieved online on 2nd December 2005 at: http://www.foundingdocs.gov.au/timeline.asp?b=1837&t=1899

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