Australia, Canada, and the international economy in the era of postwar reconstruction, 1945-50

Tim Rooth

Research output: Contribution to journalArticlepeer-review

Abstract

Early hopes that a multilateral economy could be speedily restored after World War II were shattered by the sterling crisis of 1947. In the ensuing retreat to bilateralism, Canada acted vigorously to strengthen economic links with the Americans, and in the late 1940s its export dependence on the United States increased dramatically. The Australian response to the crisis was to tighten trading and financial connections with Britain and the rest of the sterling area. The limitations of UK supply capacity, however, eventually encouraged a reversal of policy after the fall of the Labor government, and Australia turned to the dollar area to tap additional resources for accelerated economic development.
Original languageEnglish
Pages (from-to)127-152
Number of pages26
JournalAustralian Economic History Review
Volume40
Issue number2
DOIs
Publication statusPublished - Jul 2000

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