Sample Essay

The article from The Canberra Times speaks of a more general trend of the Australian economy. Since the global financial crisis is encompassing the Australian economy as well, it presents challenges for the Australian government. Already they are considering jacking up tariffs to subdue import level and try to become self sufficient. This is a move away from the free trade under neo-liberalism that was being espoused earlier (Cohen 2007).

The choice by the government is reminiscent of the action taken by countries following the Great Depression in the 1930s. It could potentially lead to other government opting for trade barriers as well leading to trade wars between countries, if the government chooses to go through with the plan. This would adversely affect many businesses. It could further lead to problems in the economy as is mentioned in the article as Australia may not be as self sufficient as it is thought to be with other problems such as floods and bush fires on the agenda as well (Barnett 2009).

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