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Title: The lucky country syndrome in Australia: Resources, social democracy and regimes of development in historical political economy perspective
Contributor(s): Lloyd, Christopher  (author)
Publication Date: 2015
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Abstract: The historical experience of economic and social development of the resource-dependent economies (especially the settler economies) has been "unbalanced" (in Hirschman (1958) terminology), to a greater or lesser extent, being heavily skewed towards commodity exports. But that has not necessarily meant they could not achieve developed, more balanced, modern, egalitarian societies. Part of the explanation for the differing experiences is the differing good or bad luck of factor endowments but that cannot get us very far. A simple materialist explanation is more or less meaningless without a socio-institutional-historical argument to frame it. Another way to put it is that luck or good fortune has to be constructed through institutional and political processes rather than simply anticipated (Mehlum et al. 2006; Robinson et al. 2006). "Luck" is too limited a concept, of course, because national "good fortune" is a complex mixture of endowments, investments, institutions and, moreover, contingent historical events and processes. And, as is well known, natural resources are not necessary for economic development as many European and Asian countries have shown.
Publication Type: Book Chapter
Source of Publication: Natural Resources and Economic Growth: Learning from history, p. 271-293
Publisher: Routledge
Place of Publication: Abingdon, United Kingdom
ISBN: 9781138782181
Field of Research (FOR): 160601 Australian Government and Politics
210303 Australian History (excl. Aboriginal and Torres Strait Islander History)
149999 Economics not elsewhere classified
HERDC Category Description: B1 Chapter in a Scholarly Book
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Series Name: Routledge Explorations in Economic History
Series Number : 72
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Appears in Collections:Book Chapter

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