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Examine the implications of globalization for Australian business and discuss whether Australia should become more integrated into the global economy

Australia is an excellent object of study of globalization and its implications for business as its economic structure is at an unusual 'mid-way' point. New market opportunities, competitive threats and opportunities alike have been the key drivers of globalization since the 1980's. This essay analyzes a variety of topics to determine whether Australia should become more integrated into the global economy. Defining globalization and its major players is crucial to the argument. Petrella's definition of the main characteristics of contemporary globalization will be
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The global financial system has become extremely volatile and very complex

The deregulation of finances and innovation by investors has created a highly technological financial system that is freely accessed on a global basis. The deregulation of the financial sector and the internationalization of financial markets are now made effortless through the ability to use instant telecommunications.

Globalization with regard to corporate strategies encompasses many different aspects of management, corporate paths and planning. The most important however is changing the way managers think with regard to their use of resources

Global organizations no longer produce their goods in one country and then ship them around the world . . .They design products for world markets and use world-wide production and distribution systems, as well as vertical integration, to gain economies of scale. But may other benefits accrue from pursuing a global operations strategy.

The commitment of corporations to competition as a source of wealth creation has several characteristics. These characteristics include strategic alliances, moving to under-developed countries to manufacture at low costs - hence creating a wider gap between the rich and the poor, and industry convergence.