Early hopes that a multilateral economy could be speedily restored after World War II were shattered by the sterling crisis of 1947. In the ensuing retreat to bilateralism, Canada acted vigorously to strengthen economic links with the Americans, and in the late 1940s its export dependence on the United States increased dramatically. The Australian response to the crisis was to tighten trading and financial connections with Britain and the rest of the sterling area. The limitations of UK supply capacity, however, eventually encouraged a reversal of policy after the fall of the Labor government, and Australia turned to the dollar area to tap additional resources for accelerated economic development.
In: Society and economy in Central and Eastern Europe: journal of the Budapest University of Economic Sciences and Public Administration, Band 22, Heft 1, S. 7-59
This paper investigates one reason why some countries have experienced a strong increase in wage inequality over the last decades while others have not. The explanation is based on the link between the quality of education & induced technological change. A country with qualitatively better-educated skilled workers, relative to unskilled workers, has a higher ratio of human capital to labor than a country where the quality of education is more equal across education levels. These differences lead to different paths of induced technological change across countries, which in turn imply different histories of the distribution of labor income. 1 Appendix, 34 References. Adapted from the source document.