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I 1¡ . t r'1,1 GLOBAL FINA¡ICEILOCAL CRISIS Tm Ror,n or Fnv.l¡tcrAL Dnnpcu¡,.tuoN IN rm GnocRApErcAL RnsrnucruRrNc or Ausrn¡,r.lx F¡,nn,mrc AI\D F,mu cnpurr: Tm c¿.sn or Ke¡vclRoo Isr,,lxo by Neil Argent BA Hons The University of Adelaide A Thesis submitted for the degree of Doctor of Philosophy at The University of Adelaide June 1997 tt TABLE OF CONTENTS Page Title Page I Table of Contents ü List of Tables vi List ofFigures vll Abstract )o Deolaration )(lr Aoknowledgements )qu CIIAPTER ONE: INTRODUCTION I l.l Introduction I 1.2 Research Aims and Objectives and Author's Motives J 1.3 Thesis Outline 6 1.4 Conclusion I PART ONE CHAPTER TWO: GLOBALISATION, REGI]LATION AND TTIE RI,RAL: TOWARDS A TIIEORETICAL A}IALYSIS OF CONTEMPORARY RI.'RAL AI.ID AGRICI ]LTTJRAL CITANGE 9 2.1 Introduction 9 2.2 Scalng Change: The Rural in the Global and the Global in the Rural? l0 2.3 Rural and Agrarian Restruoturing: Evohing Scales and Dimensions of Change t4 2.3.1 Introduction t4 2.3.2Peasant, Proletariat and the Fin de Siécle: l9th and 20th Century Perqpectives l5 2.3.3 Structure and Contingency, Stability and Crisis: Regulationist Approaches to Agrarian Change 26 2.3.4 T\e Political Eoonomy of Farm Credit 38 2.3.5T\e Man on the Land and the Invisible Farmer: psmini politioal st Critiques of the Eoonomy of Agrioultrue 42 2.3.6T\e Cubist State: Towards a Non-Esse,lrtialist Account ofthe Capitalist State 45 2.4 Conclusion 49 CHAPTER THREE: THE AGRICTJLTIJRE.FINA}ICE RELATION: A REALIST APPROACH 52 3.1 Introduction 52 3.2 Critical Realism: A Philosophical and Theoretical Exploration 52 3.2.1To Be Is Not To Be Perceived: A Realist Philosophy for the Social Soiences 52 3.2.2T\e Critical Realist Mode of Conceptualisation 62 3. 3 The Agriculture-Finance Relation 66 3.4 Conclusion 72 ltl CI{APTER FOUR: AUSTRALIA'S PI-ACE IN GLOBAL SPACE: THE POLHCAL ECONOMY OFAUSTRALIATI AGRICI,'LTTJRE A}.ID RIJRAL SOCIETY AFTER 1945 73 4.1 Introduction 73 4.2 Coloual Sooialism: Exploring the Roots ofthe Political Economy of Australian Agricultrue 73 4.3 ANation Rebuilds and Proqpers: 1945 - 1972 77 4.41972 to 1983 88 4.5 1983 to the Present 94 4.6 Conclusion 99 CIIAPTER FTVE: "TIGIIT MONEY, LOOSE REGI.'I-ATIONS AI.ID A WARM PI-ACE TO COIJNT THE PROFITS',: THE DEREGULATION OF TTTE AUSTRALIAN FINAI..ICIAL SYSTEM l0l 5.1 Introduction l0l 5.2 Involution and Revolution: The Liberation of Intemational Finance and the Australian Eoonomy 101 5.3 The Rise and Fall of Organised Finance: The Deregulation of the Australian Financial System 106 5.4 Agriculnral Finance in Pre- and De-Regulated Environme,lrts ll5 5.5 Conclusion 122 CITAPTER SD(: CIIANGING PLACES AND SCALES: AGRICULTI]RAL AI.ID RI.JRAL RESTRUCTURING IN NEW ZEALAI.ID t28 6.I Introduction t28 6.2T\e "Processed Grass" Economy Goes Global 130 6.3 Analysing tle New ZealandFarm and Rural Crisis 139 ó.3.I Changng the Rules ofthe Game 139 ó.3.2 Responding to/Resisting the New Rules t4t 6.3.3 State Reqponses to Farm Financial Stress 147 6.3.4 Rural Commr¡nities Under the New Regime t49 6.4 Conclusion 153 PART TWO CHAPTER SEVEN: TI{E AUSTRAI-ASIAN AGRICULTURE.FINANCE RELATION - Al.I AI.IALYTICAL FRAMEWORK t57 7.1 Introduction 157 7. 2 Reconceptualising the Agriculnue-Finance Relation 158 7.2.1Intoduction 158 7 .2.2 T\e Highly Regulated Australasian Agriculture-Finance Relation 160 7 .2.3 197 3- I 9 83 : The Regulated Australasian Agriculture-Finance Relation in Flux 167 7.2.4 1983-The Present: The Globalised Australian Agriculture- Finance Relation 7.2.5 T\e Globalised Agriculture-Finance Relation in New Zealand t7s 7. 3 Conclusion: Glob al-National-Regional-Lo cal: A Hyp othetical Argument Concerning 1þs Tmpact of Financial Deregulation w on FarmFamiliss and R¡ral Communities 180 PART THREE CIIAPTER EIGHT: I(AÌIGAROO ISLAIID - AREGIONAL GEOGRAPHY 183 8.1 Introduction 183 8.2 The Physical Geography ofKangaroo Island 184 8.3 Uncertain Beginnings: A Cultural and Economic Geography ofKangaroo Island to 1900 188 8.3.1 prior Discovery and Unofficial Settleme,lrt to lg3ó 188 8.3.2 The Rise and Fall ofthe South Australian Coryany: 1836-1838 t92 8.3.3 Island Settlement to 1900 193 8.4 The "Opelring-Up" ofKangaroo Island: Settlement, Agricultual and Economic Developme,lrt: 1900 - The hesent 198 8.5 Conclusion 2t5 CHAPTER NINE: 'OTHER pEOpLE S MONEy: SOUTTI AUSTRALIAN FARM FINAI.ICING IN A DEREGULATED EI.I\TIROM\,IENT 2t8 9.1 Introduction 2t8 9.2 T\e Globalised South Australian Agriculture-Finance Relation: A Broad Outline 218 9.3 Linking the Globa[ the Regional and the Local: South Australian Financial Institutions in the Global Economy 234 9.3.1 The Emergence, Rise and Fall of the State Bank of South Australia 234 9.3.21\e Rise and Fall ofthe State Bank: The Demise of a Global Strategy 238 9.3.3 Business and Regulatory Infrastructure Changes 243 9.3.4 Lending Policies 246 9.3.5 Financial Products and Marketing Strategies 249 9.3.6 Public Farm Financing in the Wake ofFinancial Deregulation: The Commonwealth Development B ank (CDB) and the Rural Finance and Development Division (RJ.&DD) 252 9.4 Conclusion 255 CI{APTER TEN: TFIE LOCAL AGRICITLTIJRE- FINANCE RELATION: INTERPRETING TIIE POST-DEREGI.]LATION DECISION.IVIAKING EI.IVIRONI\4ENT 258 10.1 Introduction 258 10.2 The Higbly-Regutated and Globalised Local Agriculture-Finance Relations, Kangaroo Island 258 10.3 Anatomy of a Rural Boom and Stump 266 10.3.1 The Boom 266 10.3.2 Moving Towards the Vortex: The Developme,lrt of a Debt Crisis 270 I0.4 The Globalised Local Agriculture-Finance Relation: v A Banke/s Perqpective 277 10.5 Island Debt - A Brief Outline 280 10.6 Conclusion 283 CHAPTER ELEVEN: TTIE LOCAL AGRICIJLTT,,RE. FINA}ICE REIATION AI.ID THE FARM FA]\4ILYI BA}IKER INTERFACE: INTERPRETING AI.ID RESOLVING TTIE ISI-AI.ID'S DEBT CRISIS 286 1l.l Introduotion 286 11.2 Family, Far4 Firm: Exploring the Globalised Looal Agriculnue-FinanceRelation Through Lived Erperience 286 ll.2.l The Kangaroo Island 1994 Farm Family Saryle 286 lI.2.2Island Farm Families Interpret the Crisis 305 I1.3 Getting It Baok: Resotving/Contesting the Island's Debt Crisis 316 I1.3.1 Island Farm Debt: A Brief Outline and Recapitulation 316 .Work-Out': 1I.3.2 The Farm Debt and Reoovery and Mediation 319 I1.3.3 Around the Kitchen Table: The Farm Family/Banker Interface 328 I1.4 Conclusion 338 CITAPTER TWELVE: THE COMMI.]N]TY STRIKES BACK: FARMING WOMEN, MEN AI.ID COMMIJNTTY INSTITUTIONS CONTESTINGNEGOTIATING/ MANAGING CHANGE 339 12.l Introduction 339 I2.2Fatm Survival Strategies: Conoeptual and Empirical Perqp ectives 339 12.3 Tearing at the Fabric: Rural Action and the Island's Debt Crisis 368 l2.4Heanng, Helping, Holding: Island Institutions and Organisations Resisting Cultural and Economic Change 376 12.4.1The Role of the Churches 376 12.5 Conclusion 385 CHAPTER THIRTEEN: CONCLUSION 389 Bibliography 400 vi LIST OT'TABLES Page Table 2.1 Phases of regulation and accumulation in the 20th Century 32 Table 2.ZFoodRegimes - Princþal Tendencies and Hstorical Features 34 Table 2.3 conceptual Dimensions of tle Internationalisation of Capital 38 Table 3.1 Intensive and Extensive Research Methodologies: A Summary 5l Table 6.1 New ZealmdAgriculnual Policy Çþanges, 1984-85 139 Table 6.2 Assistance to PastoralAgrioulnre ($NZ millisn), 1980-1990 139 Table 6.3 Sheep and Beef Farm Income Expenditure, 1982183 to l990l9l (nomin¿l $NZ) t43 Table 6.4 Debt-to-Equity Ratios for Sheep/Beef and Dairy Farms 143 Table 6.5 Nominal Interest Rates for Major New Zealand Financial Institutions, 1980 - 1986 (o/o) 149 Table 7.1 The 20th Century New Zealand Agricultrue. Finance Relation t76 Table 7.2 Credttor Tactics and Farm Responses 184 Table 8.1 Soil-Environments of Kangaroo Island 194 Table 9.1 Average Prices of Selected South Australian Brc¡daols Fam Co;cnodities, ',g32 - 1994 ($ ¡¡¡,,,i,,¿¡l) 228 Table 9. 2 Australian Post-Financial Deregulation Economic Trends Affecting B an k Decision-Making, 19 84- lg g I 244 Table 9.3 Total Exposures for Major Australian Banks and the State Bank and Total Non-Accrual Exposures for the State Bank, June-July, l99l (o/o) 246 Table 9.4 State Bank Loan Portfolio and proportion of Non-Performing Loans, December 31,1990 (o/o) 246 Table l0.l Prominent Kangaroo Island Pastoralists, 1938 264 Table 10.2 Kangaroo Island Farm Property Listings and Sales, 1987 - 1989 272 Table I l.l Kangaroo Island 1994 Farm Family Sample: PropertyPurchases (ha) 1985 - 1992 298 Table 11.2 Ordinal Scale of Degree of Subsurytion of Farm Production Relations 306 Table 12.l Family Farm Survival Strategies: A Schema 342 vll LIST OF FIGT]RES Page Figrue 2.1. Whatmore, et al.'s Subsrmption T¡pology Matrfu Showing the Position of 'Ideal Tlpes' 24 Figure 3.1 Three Models ofthe Society/Person Relationship 57 Figure 3.2T\e Transformational Model of SocialActivity 57 Figure 3.3 The Struchues of Causal Explanation 65 Figure 3.4 The Agriculture-Finance Relation 68 Figrre 4.1 Australian Farm Emplo¡ment 84 Figure 6.1 Locations and Populations ofNew Zealand r29 Figure 6.2 Chmges in Livestock Farm Investment and Production, 1982-1989 145 Figure 6.3 New ZealandPost Ofrce Rationalisations, 1983-1990 t52 Figrue 7.I The Highly Regulated Australasian Agricultue- Finance Relation 1952-1983 161 Fignre 7 .2 T\e Globalised Australian Agriculture-Finance Relation I 983-The Present 173 Figure 8.1 Kangaroo Island 186 Figrue 8.2196l Cadastral Map ofKangaroo Island 187 Figure 8.3 Soil Map of Kangaroo Island 190 Figure 8.4 Kangaroo Island, Total Population, 1838 - l99l 195 Figure 8.5 Kangaroo Island, Sheep Numbers, 1860 - 1992 ('000s) 203 Figrue 8.ó Kangaroo
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