Globalization And Its Impact On The World Economy

Decent Essays

Globalisation is disputably the most vital factor currently shaping the world economy. Although it is not a new phenomenon (waves of globalisation can be traced back to the 1800s) the changes it is bringing about now occur far more rapidly, spread more widely and have a much greater business, economic and social impact than ever before.
Globalisation has benefitted Australia greatly because of the business connections it has with other countries around the globe, which has allowed business to grow and expand not just in size but also product range. Globalisation has widened the number of costumers Australian business can sell too.

What is globalisation?
Globalisation is a term used to describe as the process of change, growing interconnectedness and independence among countries and economies, connecting the world closer together through better world-wide communication, transport and trade links. This process is changing the world dramatically and quickly, which includes all production, trade, financial flows, investment, technology, labour and economic behaviour in nations and between nations.

How has globalization affected business in Australia?

Australia has always been open to international trade more than most countries. This is because it began as a small British colony and has always been dependent on international trade for its economic survival. Wool was Australia’s first large export but it was always raw wool, which was traded,
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