Orthodox and Radical Interpretations of the Development of Australian Capitalism

surprisingly these two groups have provided considerably different interpretations of the development of Australian capitalism. Two in teresting features emerge from the growing literature on this subject. In the first place, while both orthodox and radical views of the Aus tralian economy have changed quite markedly over the last half-century, the former is more, while the latter is less, firmly basecl than previously upon comprehensive empirical study. For example, the polemical work of Edward Shann has yielded to the exacting scholarship of Noel Butlin, whereas the various writings of the New Left have yet to equal the impressive research of Brian Fitzpatrick. Secondly, while it is under standable that contemporary radical writers should reject the analysis and interpretation of the 'old' Left, it is rather surprising that they should attempt to support their Marxist viewpoint by reference to the analysis of orthodox economists such as Noel and Sydney Butlin. It is surprising because of the New Left's explicit reservations about, and even rejection of, orthodox or mainstream economics. In order to develop these arguments, a review of the writings of the main protagonists will be undertaken. By commencing this examination with works written some fifty years ago, the important economic history of Australia by T. A. Coghlan has been omitted.2 The reasons for doing so are twofold. First, apart from reflecting a very broadly defined interest in the labour movement, Coghlan's work does not provide an overall interpretation of the economy's development, possibly because of his failure to employ a theoretical framework, either economic or political. Instead he has structured his account around issues, such as immigration, prices, land legislation and 'political action', which he thought most vitally influenced the conditions of labour. Secondly, all the writers discussed in this article, whether orthodox or radical, have made use of the factual data in Coghlan's work, a result of both the authority of his scholarship and the absence of an identifying explicit interpretation.3 Coghlan's work, therefore, stands apart from both these categories

Capitalism · Economic history · Economics · Neoclassical economics · Political economy · Political science · Politics · Project commissioning · Publishing · Sociology · Australian History and Society · History · Law

• Australian Economic History

  Claire E F Wright•Australian Economic History•2022

  Add to list

• The Cambridge Economic History of Australia

  Open Access•Ville, Simon P Ville et al.•Cambridge Economic History of…•2014

  Add to list