Quarterly Essay 54 Dragon's Tail

Quarterly Essay 54 Dragon's Tail

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In Dragona€™s Tail, Andrew Charlton explores the supercharged rise of China and considers Australiaa€™s future as the Chinese dragon stirs and shifts. Chinaa€™s rise has been perhaps the most significant economic event in two centuries, occurring 100 times more quickly and on a scale 1000 times larger than Britaina€™s Industrial Revolution. Since 2000, Australia has been an essential part of this transformation, providing the raw materials to feed Chinaa€™s frantic manufacture of steel vertebrae for everything from cars and trucks to railways, apartments and office towers. Chinaa€™s appetite for resources has made us richer than ever before, but it has also drained the competitiveness from many parts of our economy, leaving us vulnerable. In Dragona€™s Tail, Andrew Charlton shows that Chinaa€™s growth model is now reaching its limit, and the worlda€™s most populous economy faces a challenging transition. Whether China crashes, or crashes through, this will have dramatic implications for Australia, slowing the demand for our resources and forcing us to reassess the foundations of our wealth. Charlton looks at ways to revitalise the Australian economy and secure our prosperity in a changing world. a€œUnderstanding Chinaa€™s growth model helps explain why Australia has done so well in the twenty-first century. But it also explains why, at the same time, our economic anxiety is reaching a zenith: why Holden is leaving, why the budget is in such an apparent quagmire, why house prices are soaring, why the dollar is so volatile. Chinaa€™s growth has brought us a windfall, but it is a precarious sort of prosperity.a€ - Andrew Charlton, Dragona€™s Tailmodern China, had cautioned his people to build their global power patiently: a€œ Hide your brightness, bide your time.a€ Now Chinaa#39;s time had come. China had leaped from emerging economy to global superpower. But to realise its ambitions , anbsp;...

Title:Quarterly Essay 54 Dragon's Tail
Author:Andrew Charlton
Publisher:Quarterly Essay - 2014-06-21


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