Globalization and It Effect of Australian Business

ISSUES IN CONTEMPORY MANAGEMENT

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 used as a framework to analyze and define the main changes that are a result of globalization. Through this process, the second part of the paper is devoted to analyzing the advantages and disadvantages for Australian business in becoming more integrated into the global economy. A conclusion can then be reached to confirm that the viability of Australia 's integration into the global economy is not only advantageous but also a necessary progression.

Globalization is defined by various academics depending on the viewpoint they take. Keenoy and Kelly however most broadly define globalization as . . .

The expansion of international trade and production to the extent that most forms of economic activity are not only interlinked but also interdependent

Globalization can also be defined through its characteristics. Petrella describes globalization as comprising of the following concepts:

 Internationalization of financial markets
 Internationalization of corporate strategies, in particular their commitment to competition as a source of wealth creation.
 Diffusion of technology and related R&D and knowledge worldwide
 Transformation of consumption patterns into

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