By Ann Capling
Australia and the area alternate procedure offers a finished account of Australia's position in constructing and keeping the multilateral exchange approach from its origins in 1947 to the current day. This ebook, in accordance with archival resources and oral interviews, makes an important contribution to our knowing of Australia's alternate regulations, its advertisement international relations, and its position and place within the international political financial system.
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Additional info for Australia and the Global Trade System: From Havana to Seattle
Regulation of farm production and trade was further extended during the war through a variety of price controls, food rationing, and extensive controls over trade in food products, many of which were continued after the war to promote rural recovery and to extend to farmers some of the benefits of the welfare state. Indeed, the United States Congress made it clear that any threat to American agriculture policy measures, such as the use of quantitative restrictions to protect the sugar industry and export subsidies to support cotton and wheat growers, would mean the end of Congressional support for the Charter.
On other issues where Australia was a lone voice - in particular in seeking the right to increase preference margins - Australian diplomacy was completely ineffective. This should have been an important lesson; however, as we shall see in chapter 3, it was all but forgotten in the 1960s and 1970s. 'THE ENFANT TERRIBLE' 27 Certainly, in their own assessments of the meeting the Australian delegates were both pleased and surprised by the impact they had in London. All three of the government's major negotiating objectives had been achieved.
However, a decline in demand would cause havoc to Australia's economic security. Export income would fall forcing the government to reduce imports, either through import restrictions or currency devaluation, in order to maintain its balance of payments. In turn, this would trigger retaliation from Australia's trade partners and its competitors, thus raising the spectre of the 1930s all over again. 21 This was the bleak scenario that dominated government thinking during the war. Australia's postwar planners believed that the United States had put the trade liberalisation cart before the full employment horse.
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