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Australia is already a developed country and hence the importance of Industrialization/Manufacturing may not be as applicable to it as to other developing count
by rramadass 4y ago
Australia is already a developed country and hence the importance of Industrialization/Manufacturing may not be as applicable to it as to other developing countries. It seems to be unique in its Mineral wealth which i suspect is what propelled it into the "Developed" category (https://en.wikipedia.org/wiki/Economy_of_Australia https://en.wikipedia.org/wiki/Economy_of_Australia).
It is Industrialization/Manufacturing which gives any country a stake in the Global Economic framework and hence its "worth" in the World. Note that Manufacturing in the 21st century is quite different from what it was in the 19th/20th centuries. The Covid pandemic and the Ukraine-Russia war has exposed the weaknesses in the Global Supply Chain i.e. a single point of failure due to complete dependency on a single Nation (i.e. China) and this needs to be reworked into a true distributed system. Every Nation needs a certain degree of Self-Sufficiency/Self-Autonomy to hold its own in the "New World Order". Finally Manufacturing is the driver for everything else like a)Innovation b)Productivity c)Standard of Living etc. which are at the very heart of development.
See Also:
1) Manufacturing (still) Matters (pdf) - https://australiainstitute.org.au/wp-content/uploads/2020/12/Manufacturing-Briefing-Paper-FINAL.pdf https://australiainstitute.org.au/wp-content/uploads/2020/12...
2) https://asiasociety.org/australia/looking-ahead-manufacturing-australias-future-not-its-past https://asiasociety.org/australia/looking-ahead-manufacturin...
3) https://amtil.com.au/weldaustralia-manufacturing-amtil/ https://amtil.com.au/weldaustralia-manufacturing-amtil/