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Importance of economic globalization
Importance of economic globalization
Importance of economic globalization
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The idea of the globalisation of Australian businesses, the process where businesses develop themselves internationally is one of the main issues in our current society. The concept of globalisation has occurred due to many factors, such as reduced trade barriers, a reduction in tariffs and quotas, new developments in technology and also new innovations in transportation technology. These factors that have caused globalisation can result in many consequences, both positive and negative. These consequences are free trade caused by a reduction in tariffs and environmental costs such as pollution caused by factories and greenhouse gasses causing global warming. One of the main factors that caused globalisation in Australia was a reduction in protection, the act of National trade barriers being removed. A reduction in protection of international trade is done by governments who work together to develop agreements with each other to reduce trade barriers and allow tariffs on imported goods to be reduced. Australian governments have been involved with countries such as Singapore and Malaysia in an effort to help reduce the tariffs and quotas on imported goods, resulting in free trade agreements between other countries. For example, when National trade barriers are removed, opportunities are opened up to Australian business to import goods at a cheaper price and then export other goods to new markets in other countries. Evidence of this was recently reported on the ABC news program, the reporter quoted that ‘our government should not sign any free trade agreements with Japan, until the tariffs on Australian beef and dairy products are reduced.’ This news report showed local Australian farmers who are trying to convince our Prime Minist... ... middle of paper ... ...as we do not emit greenhouse gasses in any way and because we do not export goods we do not expose our environment to pollution from vehicles used to transport goods.” In conclusion, the idea of globalisation, the process where companies develop themselves internationally is one of the current issues of our generation. Globalisation has been caused because of many factors, such as reduced protection, the reduction of tariffs and quotas and new developments in information and transportation technology. Consequently these factors that cause the globalisation of Australian businesses also result in many costs and benefits. The key costs and benefits are free trade, the result of removing trade barriers and the environmental costs that are caused by pollution from factories. Overall, a positive outcome will arise if the globalisation of Australian business continues.
After Sir John McEwen, the former Minister for Trade, signed the Australia-Japan Commerce Agreement in 1957, the trading aspect between the two nations has developed ...
Shadowing World War II, there was an amplified fear of communism in Australia. The influence of the threat of Communism in Australian local politics from 1945 to the 1950’s was very strong as you can see through Robert Menzies, the Petrov Affair, The fear of Ussr spies, the royal commission and the Alp split show relevant threats to the Australian Domestic politics by saying they are spies, traitors and liars.
What is defined as a global citizen? They’re considered to be people or countries who understand their obligations at a global level. Over the past 50 years the countries of the world have become increasingly interconnected. With this, there has been an increasing awareness that only global cooperation can solve problems including poverty and epidemics, stop wars, and reverse environmental degradation and climate change. As the globe battles with these underlying problems, Australia’s partake, even the smallest amount, is fundamentally important, especially with its stance currently as being the 15th richest country in the world. However, in recent years Australia hasn’t demonstrated, in a few of these global issues, the true values and morals of being a good global citizen.
In today’s markets, the drive for a business to continue to lower costs, improve quality, provide world class customer service and to continue to grow, drives many companies to consider moving some production to low cost countries as well as develop sales channels in countries other than their home country. A manufacturer, based in the United States that has decided to move some production to another country to continue to grow and compete must consider a variety of risks and opportunities to ensure that the venture is a positive one for the company, its employees, customers and shareholders. According to Gilani (2010), “the process of “globalization”, refers to the big picture process that draws products, services, and markets around the world
The development of free-market economics has, since the 18th century, resulted in the spread of a set of ideas, creeds and practices all over the developed and much of the developing world. Today, the globalisation of trade, capital, technology and innovation has accelerated competitive conditions for businesses all over the world. Globalisation may be defined as the opening of markets to the forces of neoliberalism and capitalism; it is characterised by the free movement of people, talent, skills, capital (intellectual, social and economic) across international borders. All kinds of barriers have either been swept away, diffused or made obsolete by the forces of globalisation: trade barriers, subsidies, geographical boundaries, linguistic and cultural differences. Technological advancements have pulled the world closer and, in the process, affected how labour relations and worker/employer relations operate and develop. The multinational corporation as well as the public sector alike are affected by global competition.
Relationships and activities (business and otherwise) between countries are changed through globalisation. It results in the sharing of information, skills, knowledge and capital across the world and an increased mix of cultures. The six main aspects of globalisati...
Globalisation has a had great impact in shaping the world as is today. It is defined as the international flow of knowledge and information and global civil societies. Globalisation
Operating on the international scale is the dream of every business enterprise. With the rapidity with which globalisation is taking over the product and service industries, coupled with the installed and efficient communication systems; conducting business on the international fronts has increasingly grown simple and manageable (Weiss, 2008). This dream is not only manageable by major companies, but also by the existing Small and Medium Enterprises (SMEs) have come out to shine and even outcompete the too big to fail giants in the markets (Hundeker 2010). Australia has had to harbor a prestigious history line when it comes to leveraging SMEs to becoming world leaders in various production lines. With this in mind, every firm that seeks to establish its prominence on the international stage enjoys a good will created by the country. It is in lieu of this reality that a privately- owned SME Popina Pty Ltd; which specialises in the production of Muesli cereals and snack bars seeks to expand its market in the Indian market (Shaffer, 2011). The Indian market has in the recent decades attracted the attention and interest of the global business community due to its favorable foreign investment policy.
Globalisation is a vast concept. It is mandatory for the survival of almost any nation’s economy. It is the network of interdependence between countries for products, services as well as basic needs. Globalization has its’ myriad advantages as well as disadvantages which we may not have acknowledged yet. I intend on discussing some o...
At present trend, Globalisation is one of the most interesting subjects in international business. It has created the big rival in trade and marketing which has been invested huge volume in getting and reaching their profits. In foreign commerce or examples are taken from private individuals or public sectors international business dealings are taking place throughout all persons. I can trust it 's not only imperative but take as a challenge and look at the nation power at the most statics of policies and institutions. (Chris pash. (2014).
It is extremely important for a company to first evaluate its internal strengths and weaknesses, external opportunities and threats of its business before considering the possibility of globalizing. Globalization is a complex compound that ties to several far-reaching implications, which if not identified or considered during the planning phase, could result in detrimental consequences. The definition, according to Levin Institute (2015) states that ‘Globalization is a process driven by international trade and investment and aided by information technology.’ and ‘has effects on environment, culture, political systems, economic development and on human physical well-being in societies around the world’. This brings the topic back to environmental analysis- PESTLE analysis, which encompasses the political, environmental, socio-cultural, Technology, legal and economical aspects of the business (Gupta, A. 2013). Those aspects that define globalization could also end up being the consequences of globalization. For example, the cultural or religious beliefs of a country may not support the idea of globalization. Take the case of the pork burger offered by McDonald’s Japan, it is impossible to globalize the same menu items across the world due to Muslims’ beliefs. Another example would be what Levitt had brought up on the case of Japan exporting left-side drive cars to the United
“Globalisation has enriched the world scientifically and culturally and benefited many people economically as well”, these words quoted by Mr. Amartya Sen, a well-known economic Philosopher and also Economics Noble Prize winner in 1998 from India. To an extent what he says is true, where companies expanding their business to the international levels with aims to develop international influence and to cash in more profits which eventually contributes to sustainability in business sphere.
A multitude of examples of the opportunities generated in connection with the process of globalisation can’t hide the negative effects inicated by its critics.
“Because it is widely seen as inevitable and nearly inalterable, globalisation is often presented as a force that must be embraced without reserve, but doing so benefits some people while putting others at grave risk.” (Timmnos Roberts J., Bellone Hite A., 2007). Globalisation has been a widely discussed topic and a frequently used term to describe the worldwide movement toward economic, financial, trade and communications integration(ref). It has been described and defined by many and it is difficult to provide only one definition of the term as it covers so many aspects of our lives and everything around us. Many argue over its advantages and disadvantages with a goal to determine whether it brings more harm or good to the world, but one
Australia is a beautiful country and a continent all in one. It is beautiful in its sense of rich and very long aboriginal culture, as well as its spectacular natural environment for example the Great Barrier Reef. The Australian society is very well educated with a literacy rate of 99% and overall Australia is a country with many great values. Australia is considered a developed nation and it has the world's thirteenth largest economy. It is known for high life expectancy, its education, quality of life, biodiversity and tourism.