Topic: Economics of Development
Country: Australia
Delegate Name: Zachary Willoughby
School: Kalamazoo Central High School
Topic page: background guide and all position papers All Australia position papers GLIMUN 2015 committees
The Commonwealth of Australia firmly believes that a well developed economy is absolutely necessary for a country to be successful in both foreign and domestic markets. Countries that are still developing their economy should primarily develop three crucial economic sectors:
(1) Agribusiness: Agribusiness is highly imperative to a developing country in both the foreign and domestic markets. Developing this sector provides for a higher food surplus within the individual nation, raising both job availability and overall living standards within the nation. Not only does it domestically benefit a nation, but it also gives a nation importance within the global food market. Agriculture is a huge market worldwide and it is very easy for a nation to gain ground on the global scale by producing foods that are unique to it's environment.
(2) Education: Education is vital to a sustainable workforce. An uneducated workforce results in poorly produced products and higher workplace accidents. The Commonwealth of Australia prides itself on being one of the most advanced education sectors in the world. We send students abroad to study and master arts of engineering and other trades, and when they return, they provide competition in the global and national job markets. This competition is a vital component to the workings of economics, and thus truly defines how necessary an educated work force is.
(3) Wealth Management: Wealth Management is a big issue in countries that struggle with democratic consolidation, such as Nigeria. Corrupt heads of government tend to control monetary expenditures, and in doing so they cause harm to the national economy, which is a very negative influence on how other countries view the nation's economy. Without trade and cooperation with other big nations, these secluded nations with corrupted leaders tend to have poor economic power in the global market. With that being said, Australia believes in the centralization of monetary powers, such as printing coin, controlling the amount of money in an economic system, and the control of inflation, should be handed to a group that is secular from the government. In Australia, for example, the consolidation of monetary power resides within the Reserve Bank of Australia. Other examples would include the Federal Reserve in the United States or the Banque de France in France.
Countries should primarily focus on developing wealth management sectors first, especially if the country in question is under sever economic stress. The consolidation of monetary power to a non-governmental agency allows a quick assessment of the current economic downturn, which in-turn allows for a quick, mediated response to issues that pop up in the economy. It also allows countries to consolidate any funds they have. With this consolidation, they can examine which sectors need more development and can thus allocate funds to said sectors. After the development of the Wealth Management sector, countries should determine what sectors to develop based on geographical location, trends in the global economy, and what their nation needs as an individual piece of the global economic puzzle.
The Commonwealth of Australia has had a huge market boom since the end of World War II. This massive boom allowed for large economic development in manufacturing, agriculture, science, and other major sectors. Australia is one of the top leaders in education, tourism, agribusiness, and wealth management. This all was due to reforms that benefited these sectors, making them what they are today.
Our Agricultural sector has been severely tested over the last 200 years. Access to fresh water is always an issue in the arid regions of Australia. From 1901 to 2009, there has been a drastic decline proportionally in the income of wool and people employed in agriculture, from 14% to 3%. However, the recent switch to more mechanized and technological farming and harvesting methods has created a large influx in our Agriculture sector, giving it life. Australia's cultivation program produces 93% of the nations food, so the migration of citizens into the Agriculture sector is starting to reverse the negative issues the sector has faced in the past.
The delegation from Australia adamantly looks forward to assisting other countries in the development of economic sectors. We would like other countries to listen to our thoughts and hopefully influence how economies grow across the world.
