Moscow: Vostochnaya litra Publ., 2005, 207 p.

The peer-reviewed monograph by V. Y. Arkhipov, a well-known expert in the field of economics and finance in the countries of Southeast Asia and the Pacific region, ¹ fills in a recent gap in the field of research on the Australian economy. It is based on a wide range of official Australian primary sources, materials of international and regional organizations, which allowed the author to carry out a specific analysis of current problems of Australia's foreign economic relations in the context of changes that have occurred in the world economy in recent decades under the influence of globalization.

The monograph examines and summarizes the experience of Australia's development in the context of a policy of liberalization, which the country follows both domestically and internationally. By abandoning protectionism and investing heavily in the import of all types of modern equipment, communications and information technology, and the latest technologies introduced in all industries and areas of production and service, Australia was able to accelerate its development and significantly improve the standard of living of its citizens. By the middle of the first decade of the XXI century, the average per capita income in the country exceeded 30 thousand dollars, and according to the UN criteria, it ranked sixth in the world in terms of quality of life (p. 12).

An important prerequisite for successful economic growth in Australia is its availability of all types of natural resources: hydrocarbons (oil, natural gas, coal), bauxite, iron ore, non-ferrous metal ores, gold and precious stones. Mineral raw materials, which were mined during the colonial period for supplies to Great Britain and other European countries, remain an important item of Australian exports to this day. Thanks to the use of the latest technologies, a significant part of raw materials enters the world market in purified form, as semi-finished products or finished products (petroleum products, liquefied gas, aluminum, non-ferrous metals, etc.), being one of the main sources of foreign exchange earnings of the country. Australia's natural conditions are also favorable for the development of diversified agriculture, which is dominated by animal husbandry. As in most industrialized countries, the agricultural sector is small (about 3% of GDP), but it fully supports the population and local light industry, and exports its products in large quantities to many countries around the world.

V. Y. Arkhipov is the author of the monographs " Foreign Capital in the Economy of Southeast Asian countries "(1960), " Finance and Banks of Indonesia "(1960), "Indonesia in the Struggle for Economic Independence" (1963), "Economy and Economic Policy of Indonesia" (1971), "International labor Migration in Indonesia". Asia" (1997) and numerous journal articles.

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An important factor that made it possible to carry out technical re-equipment of the Australian economy, to bring a modern high-tech base under it, is the availability of Australian labor, including qualified ones, which is the result of both the development of the general and technical education system, and the influx of migrants, including highly qualified specialists from developed countries, who are attracted by good living conditions and relatively high wages payment. Australia's robust business activity and economic growth (averaging 4-5% per year over the past 10 years) have reduced the unemployment rate from 11% in the early 1990s to 6% at the beginning of the new century (p.46).

The positive changes in the Australian economy are largely the result of the government's pragmatic policy, its policy of liberalizing and stimulating industries and industries focused on the export of goods and many types of services-banking, education, transport, tourism, advertising, etc. The paper clearly shows how Australia managed to minimize the negative consequences of the financial and economic crises that affected the regional and global economy, in particular the crisis of 1997 - 1998, which caused huge damage to the countries of South-East Asia and the waves of which spread to many countries in Latin America and Europe. In the end, it even benefited Australia, as it accelerated economic and financial reforms in many East Asian countries, which not only boosted Australian exports, but also opened up new opportunities for Australian investors. The impact on its economy of the global economic downturn at the beginning of the new century was also minimal.

One of the achievements of Australia's economic and monetary policy is the low level of inflation, which in the past decade did not exceed 1.5 - 3.0% on average per year. This ensured the availability and cheapness of credit and, together with other measures to support entrepreneurs and exporters, created the most favorable investment climate for business. Along with the growth of domestic business activity, the inflow of foreign capital to the country has significantly expanded. In 2001, foreign direct investment alone - the main source of long-term financing for many sectors of the Australian economy-was $ 212 billion, and together with portfolio investments, the total amount of foreign capital in the country's economy reached $ 717 billion. At the end of 2004 it was already equal to $ 1,155 billion (p. 197). Australia attracts investors from many countries around the world, but the largest ones are companies from the USA, Great Britain, and Japan.

A special chapter of the monograph is devoted to foreign capital, which provides a detailed description of the importance of foreign investment in the country's development. They are the main channel for new technologies and the dissemination of technological knowledge, and thus contribute to improving the quality and competitiveness of Australian exports; provide a base for the development of many local firms, including small and medium-sized ones, providing them with access to the international trade network and connection to many sectors of the national and global economy; provide job growth and introduce a culture of management and marketing in accordance with international standards. The growth of labor productivity, which has increased from 1.6% in the 1980s to 2.7% over the past 15 years, is crucially related to the inflow of foreign direct investment into the country (p.46). Attracting large foreign investments allowed Australia to become an active participant in the process of globalization, to extract significant benefits from trade due to the high competitiveness of its goods and services.

The paper also covers other aspects of state economic policy and regulation aimed at maintaining the sustainability of economic growth, continuing modernization and maximizing the use of foreign economic relations for this purpose. Particular attention is paid to the expansion of exports of products, which is due to the limited capacity of the domestic market due to the relatively small population of the country (20 million in 2004). In recent years, production growth for many types of products exceeds domestic demand. The State provides a favorable tax regime and a special financing regime for exporters. Austrade, a state-owned company, is active in providing assistance to the export business; it has 117 branches in 58 countries and a network of representative offices in Australia itself. It initiates the signing of agreements on free trade and the elimination of tariff and non-tariff restrictions with counterparty countries, and in recent years, agreements on the creation of free trade zones-

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govli. The creation of such zones with Japan, China, Malaysia, and the United Arab Emirates is at various stages of preparation, providing for a wide range of measures to liberalize mutual trade and investment, disseminate technology and information, and deepen interaction and cooperation. Australian representatives are equally active in defending the principles of liberalism and removing protectionist barriers in the international arena. "The main idea of the Australian government is to maintain and improve the effectiveness of trade liberalization. By vigorously pursuing this goal in international economic forums, it significantly protects the interests of its own exporters" (p.65).

The monograph covers in detail Australia's position on the development of international trade and investment within the WTO, and before that in the GATT. It consistently opposes protectionism in all its forms, and first of all supports lowering and removing all trade barriers, reducing and eliminating all forms of export subsidies, and shifting trade and economic relations entirely to a competitive basis, which should ensure their stability and predictability over time. Australia criticizes, often sharply, countries that continue to adhere to protectionist policies. This is especially true for the United States, which subsidizes its agriculture, including the production and marketing of such important goods as wheat, cotton, vegetable oil, meat and milk, thereby causing significant damage to other countries - their producers and exporters. Australian representatives to the WTO have also criticized the US for tax subsidies to export companies, although similar measures are practiced in Australia itself.

Australia's participation in APEC contributes to the expansion of its position in the economies of the region: in 2002, 62% of all its foreign investments were placed in them, and the main flow of Australian exports was also focused on them. Export expansion in the context of increasing competition depends on its diversification, which is based, inter alia, on studying and constantly monitoring trends in the development of purchasing power and demand in the markets of individual countries and regions. These changes are being taken into account in the Australian production and export policy. In recent years, for example, a prominent place in Australia's food exports, along with traditional agricultural and livestock products, has been occupied by seafood, which is growing in demand in East Asian countries, including China and Japan, as well as high-quality Australian wines, which are in demand in the United States and in European countries with high incomes.

Among Australia's industrial exports, an increase in complex processing products, such as automobiles and ships, is noteworthy. Particularly diverse are low-tonnage vessels: fishing boats, ferries, catamarans, tugs, yachts. According to the author, "their production has reached a high level due to the introduction of the most modern designs, improving operational qualities, reliability and competitiveness" (p.55). This characteristic can be extended to many high-tech products of Australian industrial exports.

After reading the book, there is a desire to argue with the author, who considers Australia to be a country of average economic development (p. 65, etc.). In this case, he refers, in particular, to the high share of its exports of raw materials, and not finished products, which should be typical for industrialized countries. But judging by the size of such an important indicator as average per capita income ($31,000 in 2003), GDP, and many other indicators, Australia is not much inferior to highly developed countries, and its export of manufactured goods of complex processing is also rapidly and steadily increasing. If there are differences, they can be attributed, rather, to the specifics of this country, which is expanding its niche in the world economy.

In general, the monograph is characterized by a high level of professionalism, good, free from cliches, economically accurate language. It has not only educational, but also practical significance, since at present trade and economic ties between Russia and Australia are surprisingly insignificant. In 2002, Russia ranked 55th in Australian foreign trade, and investment was close to zero. There is no doubt that after Russia's accession to the WTO, this situation should change, and even now V. Y. Arkhipov's monograph can serve as a useful tool for domestic businessmen in studying this country and its opportunities in terms of trade and investment cooperation.

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