I doubt that I'm telling the folks in this thread anything they didn't already know, but just in case: A must-read on this topic is "The Fatal Shore" by Robert Hughes (who nearly cashed in his cookies recently in a car crash). It's detailed and comprehensive, but also beautifully written and a fantastic, interesting read - something of a feat, considering the almost unrelieved grimness of his subject matter. It's long, though - Bible-thin pages and small typeface. But well worth it.