Introduction to The Australian Economy in the 1990s

The economic landscape has changed quite considerably over the past decade, both within Australia and internationally. A recurring theme in discussions about the international economy a decade ago was the unprecedented success of the Japanese economy. Having witnessed this success over the whole post-World War II era, most observers a decade ago could see no reason why it would not continue. Indeed, it was widely argued that continuing Japanese economic success, in one industry after another, would come at the expense of the economic fortunes of other countries, notably the United States.