What Is The Impact Of Globalisation On The Australian Economy

Thirdly, globalization has also effects on human socially, in their cultural and way of thinking. As countries always need to corporate with each other when they do some investment or business together, as neighbors engage in communication to determine their shared goals, and how they wish to live. Therefore globalization allows humanity to work together as a team towards noble goals rather than as individuals grasping to meet their own needs. Countries can bond to each others more closely. This way, interacting between different races and religion facilitates and we can understand

Although Australia remains geographically isolated from the world, international trade still remains a main factor that allows Australia’s economy to prosper. Australia’s long history of trade has created tight links and connections with other nations. Being a member of many worldwide organisations, Australia has produced many free trade agreements with countries around the world. However, recently Australia has seen a change in the composition and direction of its trade and has developed a strong trade link with the Asia-Pacific Region.

Globalisation is expressed in transcontinental flows and networks of activity, interaction and power between countries, irrespective of geographic distance. It establishes and maintains economic, political and socio-cultural relations. This interaction helps economies through growth in international trade, investment and capital flows. Some factors that have acted as the driving force of globalisation include technological innovation as it had made transport and communication around the world easier, capitalism and trade have also played an important role in encouraging globalisation. Trade

In this report I am going to define the meaning of Globalisation and assess the impact of globalisation on the way the business operate.

Globalisation is not new. Australia has been involved in trade, investment, financial flows, technology transfers and the migration of labour since its foundation as a colony. What has changed is the size, direction and influence of these transfers, especially since 1980. There are a number of factors that have aided this transformation. They include:

The phrase of globalisation is becoming very popular around the world, and it gives free movement to communicate with people regarding cultural, economic, social, technological, political, educational and businesses. In the modern society globalisation has impacted on many human lives, which started in the western countries in (1492), according to Kevin H. O'Rourke, Jeffrey G. Williamson, and then it expanded all over the world. The word of globalisation can describe many different aspects such as globalisation of nothing, the making of the global society and the globalisation of wealthy and poor. According to Robert Shuey in (2001), ‘’globalisation is widely and somewhat loosely used a term, intended to describe the recent and rapid process of international, economic, social, and political integration’’. The idea of his words that globalisation is giving an opportunity to people, so they can travel, invest internationally, and communicate this can help many businesses people especially in Australia to invest more widely and internationally. Globalisation has impacted on Australian society in all terms of life, for instance, it has an enormous impact on health and education system, on technology, and on the Australian economy. But one of the categories is increasing so widely among Australian people who affect many young people’s lives is the impact of racism on the health and wellbeing of young Australians. The word racism is the very phenomenon aspect in the Australian society, especially between young people. On the very high percentage of many young Australians are experiencing racism between the nation, most of these racists are because of skin colour, cultural beliefs, different traditions from different countries, speaking another language and gender. Racism plays a significant role in the society, and many people are aware of this because when they face radical discrimination from any individual, they feel angry and frustrated, and sometimes they feel of not belonging to the local community.

Without the low cost foreign company in the nation, domestic producers can change the price of the goods and services which means the consumers have to pay more in order to fullfill their needs and wants. (http://www.wisegeek.com/what-is-protectionism.htm) Globalisation have changed Australia's trade patterns since 1960s. Australia decline in the importance of rural exports, increasing in the importance of mining, services and manufacturing. For example,wool has fallen from 60% to 2.3% of exports in 2003 and 2004 due to the rising quantities of others export. Also, the amount of services exported by Australia has significantly rising such as personal travel services, education related, passenger transportation services, business, professional and technical services.

It is not a new phenomenon but it is arguably the most significant, yet problematic and controversial change in the modern era. The report will analyze globalization by first scratching the surface and examining the positive claims associated with globalization and the way in which it has cemented economies and countries like Australia and China. The report will focus on three main claims: (1) Globalisation is about the liberalization and global integration of markets (2) Globalisation benefits everyone; and (3) Globalisation furthers the spread of democracy in the world. However, through the discussion will come to light that Globalisation is a doubled edged sword comprising of negative consequences, which at times may question the validity of this

The effects of Globalisation on Australia can be disseminated into a number of different categories. For the purposes of this report five major categories including Economic, Social, Cultural, Environmental and Political have been explored and summarised but is by no means exhaustive.

Asia Pacific Economic Cooperation (APEC) is the pre-eminent economic rally in Australia’s region. APEC’s goal is to drive an extensive trade and investment liberalisation and facilitation agenda. It is focused on structural reform as a means of raising competitiveness and the efficiency of trade and investment flows. It has helped Australia with building and strengthening ties with other countries such as Brunei, Singapore, Philippines and other countries in the region. In 2009, 70% of Australia’s trade is with APEC countries.

In the past few months, the Brexit referendum attracted the attention from the whole world. The globalisation has made the world today far more connected than ever so that every country could be affected by this big event. The globalisation has had profound and lasting influences to UK economy. This essay will firstly focus on the pros and cons of globalisation, then discuss the UK sectors which benefited and suffered from globalisation respectively, finally analysis the overall effect of globalisation on the UK economy.

The purpose of this report is to compare both Australian and Chinese economies. China is one of Australia’s closest trade neighbours, often referred to as the Sino – Australian relations. While Australia has a minute population of 23.9 million in comparison to China’s 1.357 billion its economic ranking is just as its population, lower than China’s. Both economies have various similarities and differences in areas such as economic systems and historical events, economic growth, quality of life, employment and unemployment, distribution of income, environmental sustainability and, the role of government in health care, education and social welfare. The following report will parallel and compare both economies in retrospect to the

Globalisation is the process in which all the other nations of the planet come together to expand out exchanges and social trade. This results in a trade of different perspectives, knowledge, items and culture. Many goods and services have increased, because of worldwide trading throughout the past years. Australia is linked into the global economy due to exchanges being made between nations and technology being better than ever, as it is quicker, faster and easier to communicate with potential customers. These are just some of the reasons why Australia is linked in to the global economy.

Trade, foreign direct investment, and financial capital are three positive effects of the global economy. An example of economic globalization is, when major trades of goods are being transported from country to country. Some practices made by large transnational corporations have a negative effect. With the lowering of market costs, global scope, brand image consistency, quick and efficient use of ideas, and uniformity in marketing practices, globalization can be have a beneficial effect. In brief, the global spread of some values, beliefs and practices have negative and positive effects on the people and their cultures.

Economically, many positive effects come along with globalization. The co-dependence with other nations leads to the success being shared among the nations. The nations will generally want success for other countries so that they can feel the reward also. This outcome leads to a more effective market and it creates a balance between producers and consumers, which is why the equality of goods and services often goes up as a result and prices tend to go down. Stabilized security of the economy depends largely on another country’s economy, which is why it is difficult to see countries coming after one another. This increases security around the world by putting a stop to many financial issues because the countries go off of one another.