The model stock plan

Borrowing and business in Australia

Bibliographic data

Monograph

Identifikator:: 1735159816

URN:: urn:nbn:de:zbw-retromon-109196

Document type:: Monograph

Author:: Lukas, Eduard http://d-nb.info/gnd/11731532X

Title:: Das wahre Wesen und die wahren Aufgaben der Arbeitslosenversicherung und produktiven Arbeitslosenfürsorge

Place of publication:: Graz

Publisher:: Leuschner & Lubensky

Year of publication:: 1926

Scope:: 63 S.; graph. Darst.

Digitisation:: 2020

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Wesen und Wirkungen der Arbeitslosenversicherung

Collection:: Economics Books

226 THE ECONOMIC EFFECTS OF these days to defend the latter have been used, very lightly disguised, in the last fifty years to justify the former policy. These arguments will be quite familiar; but it will at least crystallize the discussion if they are restated here. In relation bo state borrowing the justification takes the following forms: (i) That there is a vast difference to be observed between the character of the public debt of a mature community like that of Great Britain where the debt represents unproductive ex- penditure ‘incurred mainly for war purposes and leaving assets that are of comparatively small value’, and that of countries like Australia and Canada which has resulted in the creation of assets ‘worth to the developing country (and presumably to the creditors) at least as much as the amount of the public debt, omitting only the war-loans’.! (ii) That in a new country like Australia ‘the scope of general government—owing to the peculiar conditions of lands thinly peopled, with vast undeveloped areas—embraces many func- tions which, in the earlier stages of development, would be impossible to resign either to local bodies or to private enter- prise.2 (iii) That the proportion of the Australian debt to the national wealth, even under the urgency of development, is not greater than that of older countries whose financial stability is un- questioned. In particular that a comparison of the proportion of the public debt not covered by assets, £153 per head in the case of Great Britain, £43 per head in that of Australia, demon- strates the essential soundness of the Australian position ; and that while ‘the interest on the public debt of Great Britain in relation to total income was as 8-1 to 100, the interest bill of Australia bore to total income the ratio of 7-1 to100, although the Australian public debt to the extent of about one-half is held externally, while the outside public debt of Great Britain amounts to only one-eighth of the whole.’3 (iv) That it is impossible in any other way than by resort to overseas loans to procure the necessary permanent equipment necessary for an expanding population; and that the policy of entering into partnership with foreign capitalists, instead of ‘J. R. Collins, The Public Debts of Australia, p. 6. R. M. Johnston, State Borrowing, p. 4. } Collins, op. ¢cit., pp. 9 ef seq.

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