Australia once wanted its allies to commit to full employment — what happened?
ABCI want to tell you a quick story. And when the war ended, his ideas were used to rebuild Australia's economy on a platform of "full employment" for peacetime. Many of those economists — such as LF Giblin, Leslie Melville, and HC "Nugget" Coombs — believed it was in Australia's interests for multiple countries to have full employment at once. As they saw it, Australia's exporters would benefit from trading with countries with full employment because the workers in those countries would have more disposable income to purchase Australian goods. However, the economic institutions that were eventually created to facilitate stable growth and trade in the post-war era — the World Bank, the International Monetary Fund and the Bretton Woods system of exchange rates — didn't stop countries pursuing full employment anyway.
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