Takeover: Foreign Investment and the Australian Psyche

by David Uren

From the foundation of the wool industry in the 1820s to the mining boom of the 2000s, Australia's economy has been built on foreign investment. Yet we've always had an equivocal attitude towards it. Foreign takeovers of national brands like Arnotts and the Chiko Roll raise nationalist passions. We fear foreign mining companies are taking our resources without paying a fair return and that multinationals are avoiding our taxes. And foreign car companies have milked governments for all the subsidies they can get and then quit when they can get no more.

David Uren's new book, Takeover, traces the history of the Australian stance towards foreign investment. It has deep roots in both the right and the left of Australian politics. On the right, the rise of protectionism in the 1850s still shapes the attitudes of the National Party, while on the left, the dark suspicion of international capital, which first took root in the early union movement in the 1880s, still generates a hostility to globalization in the Greens and the Labor left. There are still faint echoes of the racist hostility towards Chinese immigration in the 1880s which gave rise to the White Australia policy.

Takeover explores the nationalist forces which led to the regulation of foreign investment in the 1970s and reveals the patterns in Australia's attitudes towards the successive waves of foreign investment from the British, the Americans, the Japanese and the Chinese. It tells the story of the birth and death of the motor industry and it examines the passions which are still fired by foreign investment in housing and farm land. It examines the threat to tax revenue posed by the rise of the stateless corporation and the debates over sovereignty generated by the new generation of global free trade agreements. How does foreign investment affect the national interest?

Genres: Nonfiction, Business, Economics

240 pages, Paperback

First published August 31, 2015

About the author

David Uren was economics editor of The Australian and is the author of Takeover and The Kingdom and the Quarry.

Reviews

[Rory Besaans · Rating 4 out of 5]

Easy to read and follow along. It's a bit verbose, but the prose is enjoyable to read and has nice flow. At points the economics jargon can be tiring but it's largely written in simple terms for the average reader.

The overview of Australian economic was interesting to read. A bit too much politics for my liking but interesting to see how everything is tangled together (economics, geopolitics, public opinion, national identity, standard of living).

I recently moved to Australia from New Zealand and it's interesting to see the parallels between our countries especially regarding foreign interests and multinationals many shared such as modern/tech one's Google, Uber or or legacy multinationals e.g. RioTinto, General Motors/Holden, Kraft-Heinz.

I think some diagrams and timelines could be turned from huge blocks of text into images.
The timeline is largely linear but loops back on itself in a way that is sometimes confusing. The politicians mentioned clearly paint a picture in the writers heads, but I don't know may of them from a bar of soap.

[Arthur Schmegegge · Rating 2 out of 5]

Globalist hack called the Trump Presidency a "regime". What about the illegitimate Biden regime?? This shill is a Biden supporter and apologist for Communist China. Enough said. No wonder he talks to 2GB radio..

[David Keal · Rating 3 out of 5]

Interesting read, although heavy going at times. Gives a good historical overview of the politics of foreign ownership of our businesses and land.

[Reader · Rating 3 out of 5]

Good, but left out a lot of stuff and was a but surface.

[Jason Willson · Rating 4 out of 5]

A great book for historical perspective on foreign direct investment, protectionism and free trade policy in Australia. I found it a good focus point for formulating one’s own opinions. The title over emphasises the discussion around foreign investment. Yes it features heavily, but I found this book more valuable as a summary of Australia’s economic sentiments and policy formulation over its history. It covers the period from early pastoralization to recent history. The problem with approaching FDI as a subject is that it relies on understanding of the local macroeconomic climate, which is why it provides a good snapshot of Australian policy.

The first few sections succinctly cover the debate throughout the times, with an unprejudiced account of the opinions and perspectives for that point in history. If anything there is a slight bias towards more coverage of laisse-fare economics and open market policy – it could be argued this is a fair view point considering “ the winner writes history” and the prevalence of open market policy in the last 30 years. If nothing else it provides a good snapshot of the debate. Overall a fair account of Australia’s debate and the interchange between opinions of the left, right and centrist views – heavily opinionated readers and those with closed minds are likely to find this superfluous if they are looking only for validation for their views. It provides plenty of focus for debate for those looking to gain the context for their own opinions.
David Uren is a journalist, no surprises that the book therefore reads like a news report. Further insights and analysis rather than quotations from key individuals in the particular debate would provide more depth of understanding. It succeeds in walking the tightrope between being an accessible read, and providing enough context for the reader. There is enough information for someone with minimal prior knowledge to pick up the book and get something out of it – it does over a lot of ground and is pitched an intermediate level for Australian economic policy: for those who keep up with current affairs.

It is a worth book to understand more about a topic which is raised in the public conversation time and time again.