1. Describe the main characteristics of the policy of ‘New Protection’ in the first decade of the 20th century. What were the links between tariffs, wages, and the White Australian policy?
New protection was established after the union was defeated in early 1980s. It is a permutation of required arbitration and high tariffs (, 2004). It is a motion that refuses to credit the acts of violence and lawlessness that was attributed to the Queensland bush workers, and implement an effort to assist those bush workers in opposing the encroachments on their just rights on the part of the Australian capitalism (, 2004).
New protection is needed during 20th century due to the weakness and helplessness of the working class that in the direct bargaining agreement in relation to wages and condition (, 2004). It is design for the assistance of the employees in the industry and intended to secure them something that they will never get from the ordinary system of an individual bargaining with their employers.
White Australian, new protection, arbitration and conciliation, state paternalism and imperial benevolence are the values and policies that characterized Australia as a country. It helped them to form the foundation of the Modern Australia (, 1998, ). Both White Australian and the new protection act are policies that articulate sets of values that express the decorum of the common man – even if they were less related to his female counterpart (, 1998, ).
In general, this law or act is intended for the issues regarding employees and their employers like their wages and other financial assistance and human rights.
2. What are the meaning of the term ‘protection all round’? With which period in Australian economic history do we associate it?
Protection all around policy enables every factor of production to be insulated from the international competition by an array mechanism ( & , 2000, ). It means that local manufacturers are protected provided that the fruits of protection are shared between management and labor. This eventually resulted in fair and balance price and competition (, 2004).
The reason why the new protection act was implemented during the time of 20th century of Australia is due to the helplessness of victims of ruthless and powerful employers and not because of the threat to industrial and social stability (, 1998, ).
During 1895, the Victorian Parliament declared their sympathy for those helpless people whose lack of degree of free will and who required constant protection from the inspectors (, 1998, ).
During this 20th century the rights of equal wage between the men and the women are also implemented (, 1998, ).
The reason why it was called protection all round is that during this era, both the sides of the employers, business establishments and manufacturers as well as the workers and the employees are having their fair and equal share of rights and equality. It focuses to the rights of the helpless employees that are working hard but unfortunately not getting the fair payment for their service. The issues about the wage rates and conditions of works are better and according to the equality and in friendly terms between the employees and the employers (, 2004).
3. What do we mean by the terms ‘neo-liberalism’ and ‘deregulation’? Explain some of the reasons why de-regulation has occurred and identify the main institutions that has affected.
Australia and New Zealand are two of the most eager countries that are strongly supporting the removal of tariffs, subsidies and other type of protectionism (, & , 2000, ).
Neo-liberalism is a predominant ideology that helps to legitimate the privatization of the state-controlled economy and the substitution of the market for the sake of the social provision of basic welfare (, 1993).
Deregulation of the financial marketplace was first pursued by the Treasurer during the mid-1980s. It includes tariff protection cutbacks and by privatization of public sector asset and public sector downsizing (cited in , & , 2000, ).
Deregulation arises when government is in need of certain amount that can be helpful for the development of the place or the country. In order to solve the dilemma of not doing a certain project, the government will search for state assets that can be sold. Most of the time, governments are selling white elephant assets or those assets that are expensive and often rare or valuable but can be consider as burden financially () to private individual or corporations. This process is also known as privatization.
Institutions that are involved in this economic reform are the state government. They are responsible for privatization such as what happened in the electricity industry of the country that brought the country enough revenue after the recession after early 1990s (, & , 2000, ).
4. Why have Australia’s economic institutions been relatively so stable and long lasting? Have stability and longevity been, on the whole, more or less beneficial for Australian society?
Economic reforms helped the Australia to be stable. The country has analyzed their needs to lessen the balance of payment deficits by means of increasing the export sector and focusing on industries with a demonstrable competitive advantage (cited in , & , 2000, ). They also integrate with the dynamic production, trade and financial systems of the Pacific Rim and embraced the growth culture of the Asian way (, & , 2000, ).
According to (1991), the country have implemented deregulation of their financial sector, flotation of their dollar and creation of a new Industries Commission that will help to develop economic reforms in a given industries, and progressively reduce the protectionism for a specific industry (cited in , & , 2000, ).
The government also builds a strong wide-spread system of relationship between them and the different businesses in the country, including the taxpayer subsidies by discounting inputs of land or energy, tariff protection from the import competition and price support schemes. (, & , 2000, ).
The protection for their citizens as well as the businesses is the main reason for the stability of the country. They are offering fair and equal attention and right for both parties. This is helpful for the society since their economy is good, there are enough jobs for everybody and the government can give assistance for their poor citizens.
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