As Asia's quarry: implications for Australia

Abstract

The re-emergence of China in the new millennium has increased global demand for mineral resources, causing a return to the Australian vision of national prosperity tied to primary exports-this time minerals. Many analysts have questioned the wisdom of anchoring Australia's prosperity to being a quarry for Asia. The current mining boom has enabled Australia to postpone, but has not removed, the need to develop new industries to sustain a high standard of living in a future marked by global warming. Innovation is essential to the development of new industries that can contribute to a strong and sustainable economy, but cultivating innovation requires serious national commitment over the long term. This requires Australia to seriously reconsider education policy at all levels and to abandon what the author terms 'rational choice populism'-a culture of anti-intellectualism and an unequivocal belief in a form of market fundamentalism-that discourages the advanced level of investment in human capital required for innovation.