How successful was industrialization in Australia over the period 1950 Essay

How successful was industrialization in Australia over the period 1950 to 1973 - Essay Example (R8:3). The development of manufacturing is complicated. It involves a great variety of products, fragmentation of the industry, different markets between six states as well as a wide range of operations (R8:3). Industrialization of Australia first began with its heavy, complex and diversified manufacturing during the First World War. Since the Second World War it has become one of the most highly industrialized economies in the world (R6:182). Australia played a major role in promoting post-war industrialization; however, its welfare state interventions created a great barrier in its later manufacture development. The major growth phase of post war manufacturing development was between mid 1940s and late 1960s. In 1944, it announced that it â€Å"is ready for an adventurous expansion of secondary industries in the post-war period† (R5:15). This essay will examine Australian manufacturing development over the period 1950 to 1973 and the impact of industrialization during this period. Section one will examine the importance of industrialization to the Australian economy. Then, we examine success and impact of industrialization to the economy. This included the impact on employment, capital investment, public infrastructure, country import and export as well as the protection policies implemented by the state during this period. After examining the advantages brought by industrialization, the essay criticizes on the effectiveness of welfare state interventions to the Australian economy. During World War Two, Australian foreign debt was due to the sales of goods and services to the United States. This can be accounted for the high demand in food stuffs by other industrialized countries. A high price was paid for Australian primary products (R4). Its dependence on foreign capital rose. At that time, foreign investment, foreign technologies, foreign management, foreign