Globalisation on Australia Essay Example
What has been the impact of globalisation on Australia? What are the future implications of globalisation on Australia?
Globalisation is not a new thing but has been around for the last 500 years. Globalisation has had quite a positive impact on Australia. Globalisation has brought Australia Growth and has increased domestic efficiency. Australia has been involved in the revolution of globalisation and it has affected Australia in many ways. Its main impact was on International convergence, economic Growth, development and quality of life, trade, investment and Transnational corporations, distribution of income, environment, financial markets, international business cycle and implications for government economic policies. Globalisation has enabled Australian markets to be open to foreigners. As a result of this, international convergence has increased as other countries will rely on Australia to provide goods to be traded with another nation. International convergence is the tendency of economic systems to become similar in different ways. There is an increased significance of international trade and the trade dependency is increased. By Australia opening domestic markets to international investors, has increased trade between Australia and other nations. Many economies are converging in economic performance as a result of this. During 1997/98, the Asian Financial Crisis occurred in Asia but affected the Australian economy. This was because of the international convergence that had taken place linking Australian strongly to that of Asia’s. If one major economy in the world does badly, the global economy is affected. This was shown on September 11 2001. Because the terrorist attacks affected America so greatly, any economy linked to America (almost all economy) in respect to trade, agreements or some other way, were affected.
High income and newly industrialised countries have had the most advantage of globalisation by gaining large, faster amounts of
Globalisation is not a new thing but has been around for the last 500 years. Globalisation has had quite a positive impact on Australia. Globalisation has brought Australia Growth and has increased domestic efficiency. Australia has been involved in the revolution of globalisation and it has affected Australia in many ways. Its main impact was on International convergence, economic Growth, development and quality of life, trade, investment and Transnational corporations, distribution of income, environment, financial markets, international business cycle and implications for government economic policies. Globalisation has enabled Australian markets to be open to foreigners. As a result of this, international convergence has increased as other countries will rely on Australia to provide goods to be traded with another nation. International convergence is the tendency of economic systems to become similar in different ways. There is an increased significance of international trade and the trade dependency is increased. By Australia opening domestic markets to international investors, has increased trade between Australia and other nations. Many economies are converging in economic performance as a result of this. During 1997/98, the Asian Financial Crisis occurred in Asia but affected the Australian economy. This was because of the international convergence that had taken place linking Australian strongly to that of Asia’s. If one major economy in the world does badly, the global economy is affected. This was shown on September 11 2001. Because the terrorist attacks affected America so greatly, any economy linked to America (almost all economy) in respect to trade, agreements or some other way, were affected.
High income and newly industrialised countries have had the most advantage of globalisation by gaining large, faster amounts of