THE RELOCATION OF THE INTERNATIONAL MARKET FOR AUSTRALIAN WOOL

Authors

  • Simon Ville

    1. University of Wollongong
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      I thank Professor Paul Robertson, Dr S. R. H. Jones, Dr Malcolm Abbott and participants at the annual conference of the Economic History Society of Australia and New Zealand at University of Wollongong, December 2000 for their helpful comments. An earlier version appeared as a working paper in Economics (02/14) at the University of Wollongong in 2002.


Abstract

The marketplace for Australian wool relocated from London to the Australian capital cities in the half-century after 1880. This represented a major institutional shift that underpinned the development of the Australian economy and made Australia the centre of the international wool market. We analyse the principal demand and supply changes underlying this market shift. Consolidation of worsted manufacturing, demand diversification, improved transport and communications, Australian dominance of international wool production and the growth of the small grazier, shifted the relative market efficiency in favour of Australian auctions.

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