Following the authors' highly successful textbook, Australia in the International Economy in the Twentieth Century, this up-to-date volume considers Australian economic development in light of worldwide political and social developments, arguing that the Australian economy is an integral part of the world economy and subject to the same trends across the globe. The book also focuses on domestic factors that have shaped the growth of the Australian economy. Three dominant themes emerge in the book: the growth of Australian exports, the role that foreign capital plays in our past and present, and the positive contribution of migrants to the Australian economic landscape. The authors also consider the Gulf Wars, the East Asian financial crisis, and the globalisation of Australian economy in the 1990s with particular attention to economic policy and outcomes. This is a key text for students.