Focusing on Australia's position within the global economy, this thorough reference presents a striking picture of the interaction between politics and economics. Beginning with historical analysis of this relationship, the study presents Australia's origins as a convict settlement through its development of self-governing colonies to its ultimate development as a federation. Addressing such questions as "How did Australia transform from a protected, insular country to an outwardly focused, globalized one? "and "Why, in the current economic climate, should Australia resist a return to its protectionist past?," " "this extensively researched account argues that now, more than ever, the state has a responsibility to promote diversification of trade while regulating economic activity and ensuring that the benefits of growth are spread as widely as possible.