Australia: The Nation Founded by British Convicts Embraced Entrepreneurship
Australia’s superb performance on measures of international development has earned her the admiration of many. Few countries can boast such stellar achievements in economic and social affairs. Currently, Australia has the highest median wealth per adult in the world and outperforms the Organisation for Economic Co-operation and Development (OECD) average in civic engagement, health, education, and other dimensions of well-being.
Australians are equally lauded for their responsiveness to changes in the digital economy and their inventive abilities. However, the spectacular success of Australians has puzzled onlookers who find it unfathomable that a colony settled by convicts could become so prosperous. But what they forget is that most convicts sent to Australia were not hardened criminals. Many were implicated in work-related crimes, for example, theft of tools or other materials from employers.
These convicts were not irredeemable and became oriented toward pursuing productive goals. In England and Ireland, such people were often working-class individuals, who engaged in economic crimes due to desperation. On average, the convicts were also young, literate, and healthy. Some estimates argue that literacy rates among convicts were similar to British levels. Also, it is of note that some of these convicts were university-educated social activists.
Because these convicts were young and healthy, they could afford to extend their working years, thus enhancing national productivity. Moreover, groundbreaking research pioneered by gen
Article from Mises Wire
