'Great powers' and 'the Third World' are both groupings which excite controversy; while one can find much in common between the states which constitute each of them, there still remain differences between such countries as the United States and China on the one hand, and India and Papua New Guinea on the other, and thus there may be endless argument about what the groupings mean in practice. Nonetheless, both groupings are worth retaining. Two contrasting attitudes may emerge from the case studies presented here.

Volume 3 of the Yearbook is devoted to matters relating to the voyages of Captain James Cook (1728-79), the bicentenary of whose death in Hawaii falls on 14 February 1979. His three voyages of Pacific exploration, in the Endeavour (1768-71) and the Resolution (1772-75, 1776-80), the last one completed after his death, established for him a reputation as one of the greatest explorers of all time. Cook was accompanied on his first voyage by a young botanist named Joseph Banks, who took with him a private staff of scientists and draughtsmen, and in the first paper Dr A. M.

Two hundred years ago Captain James Cook revealed to Europe the world of the Pacific. In three great voyages made in the short span of eleven years he explored the ocean from the Antarctic, through the islands of Polynesia and Melanesia, to the north-west coast of America, Alaska and the Arctic. A small isolated group of voyagers, half the world away from home, found its way to and fro across the vastness of the South Sea (as the Pacific was also known) coming across new lands and peoples as they went.

An important development in public finance theory during recent years has been the emergence of the basic elements of a theory of fiscal federalism, based partly on the theory of public goods, partly on the theory of political process and partly on various aspects of location theory.

This second volume in the series, The Aboriginal Component in the Australian Economy, consists of four case studies of Aboriginal communities living as minority populations in medium-sized and small towns and cities in different parts of Australia. Elspeth Young discusses surveys made of a number of New South Wales country towns. Jenny Bryant writes about Robinvale, on the Victorian side of the River Murray. David Drakakis Smith's study is of the Alice Springs community. The fourth chapter, by Hans Dagmar, gives an account of the Aboriginal community of Carnarvon, Western Australia.