Takeover: Foreign Investment and the Australian Psyche

by David Uren

Did the Chiko Roll change Australian history?

As a matter of fact, yes. Efforts by the reviled US company IT&T to take over the company making the Roll in the early 1970s marked a turning point in Australian foreign investment policy. And this is just one of the strange twists and turns in the buying and selling of Australia.

Takeover is an authoritative, engaging account of the history of foreign investment in Australia – both the economics and the politics. It explores the strange coalitions of left and right that have sought to insulate us from the world economy and the equally unpredictable forces that have embraced it. It is a story of the fights between the protectionists and free traders of the nineteenth century, of our relationships with the US, Britain, Japan and China, and of the rise of Google and Uber.

Australia’s economy has been built on the back of foreign capital – alone among nations advanced or emerging, we have been able to run deficits with the world throughout our history precisely because foreigners are so keen to invest here. Yet there is an insecurity about the source of our prosperity coming from somewhere else. Where does the national interest lie, and what issues are at stake?

Shortlisted, 2015 Ashurst Business Literature Prize

‘A timely, must-read book about the fight for Australian hearts and minds over foreign investment’ —Peter Drysdale

‘Understanding the historical fault-lines of our attitudes to free trade is important because it explains the lay of the land today. David Uren's Takeover is an essential guide to the sources of our prosperity.’ —Malcolm Turnbull

‘If you want to understand the unique blend of punters, politicians and paranoia that determines Australia’s love/hate relationship with foreign investment, then you need to read this book.’ —Chris Richardson, Deloitte Access Economics

‘A great read … this book exhibits both his gift for explaining complex economics to the person in the street and his ability to create a vivid and entertaining picture of Australia through the years.’ — Weekend Australian

David Uren is economics editor of the Australian . With more than 30 years’ reporting experience, he is a former editor of Business Review Weekly and the author (with Lenore Taylor) of Inside Labor’s Darkest Days.

Genres: Nonfiction, Business, Economics

268 pages, Kindle Edition

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.