This book investigates the historical evolution and economic rationale behind Australia's trade policy framework, specifically addressing the shift from protectionist manufacturing policies to trade liberalization. Richard Pomfret, a recognized economist specializing in international trade, utilizes historical data and political economy analysis to explain why Australia maintained high levels of import protection and how subsequent reforms were implemented. The text provides a comprehensive evaluation of the costs associated with these policies and the political mechanisms that facilitated change.

Experts identify this work as a foundational text for understanding the specific trajectory of Australian trade policy. Readers frequently note the clarity of the economic arguments and the logical structure of the sector-based analysis.