Impact Of Globalization On The International Economy

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Globalization is the process of increasing interconnections and linkages within societies and across international boundaries through improved communications and expanded world trade.
The trend for people, firms and governments around the world to become increasingly dependent on and integrated with each other. This can be a source of tremendous opportunity, as new markets, workers, business partners, goods and services and jobs become available, but also of competitive threat, which may undermine economic activities that were viable before globalization.
The term first surfaced during the 1980s to characterize huge changes that were taking place in the international economy, notably the growth in international trade and in flows of
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Let the dollar float. The currency was fixed, our economy was restricted allowing the market to decide what the Australian dollar is worth. The economy was quite restricted. But, floating the Australian dollar in 1983 the treasurer Paul Keating allowed Australian investors to invest abroad and more importantly international investors to invest in Australia, making the dollar go up over time leading to growth. Meaning the start of Australia’s glorious dive into modern Globalization.

Textile Worker
Textile workers, have affected the economy greatly and the idea of globalization, because of globalization textile workers employment rate in western developed countries has gone down majorly, But where did all the jobs go to? Well they went to Asia, or more specifically china. But the question is why? Why because of globalization did we hand over millions of jobs to another country? I mean aren’t we always trying to gain jobs not give them away?! Well the reason we gave away all these textile jobs is because of ‘the cost of living”.
Australia has a population of 22 million people, the average house is north $700,000.00 the average price of a coffee is $5.00. In Vietnam which is one tenth! 1/10 of Australia with a population of roughly 92 million people, the cost of living is 51.54% (some may argue that it is in fact lower) lower than Australia. Now we always hear stories on media and news

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