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Australian Economy Trapped in Imperialism's Global Web

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Ned K.

The South Australian regional community of Whyalla is waiting anxiously to see what happens to the main employer of workers in their town, the steel works owned by Arriium. 

Arrium is in the hands of an administrator as multinational corporations pick over its carcass to see if they can make profits out of 

it. The steel works’ demise has been blamed on the amount of cheaper imported steel from China in particular. Chinese steel industry international competitors demand that they decrease steel production and what is left of the local steel industry in Australia demand that governments require Australian made steel in procurement projects.

However it was the growth of the steel industry in China in particular that gave rise to the boom in the Australian iron ore export industry. 

In 2000 Australia exported about one billion dollars’ worth of iron ore to China per year. In 2015 that amount had increased to $39 billion, far greater than the amount of dollars coming in to the country from Australia's tourism, agriculture and education sectors.

Without a planned economy owned by Australia’s working people, the consequences of trade and investment decisions enmeshed in the 'free trade' agreements of the imperialist world will continue the current situation of uneven economic development and 'winners and losers' from one economic sector to another.

As the anniversary of Eureka Stockade approaches, an independent and socialist Australia becomes even more relevant and just cause. 


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