More Essay Examples on Economics Rubric Although this results in a decrease in economy and business in Australia, tariffs have been included so that a preference to buy in Australia is made. In conclusion, although trade in Australia has been affected by multiple disadvantages as well as advantages, overall, globalisation has helped Australia in relation to trade.
It is my great pleasure to address you on the occasion ofthe launch of the Monash Institute for the Study of Global Movements. Monash University has responded creatively and very successfully to the opportunities and challenges of globalisation. It has adopted a global strategy, establishing campuses and research links in Europe, Asia and Africa.
Today, I want to highlight the benefits globalisation brings and how the Government is ensuring Australians and our regional neighbours can capture these gains.
But first, what do we mean by globalisation? By extending our freedom to trade, invest, travel and work beyond national borders, we can multiply many times benefits we gain from free local markets, transactions and movements. Artificial barriers to trade, investment and people movements are relatively new in human history.
The world has been much more globalised in previous centuries than in the recent past. For example, inglobal exports reached almost 8 per cent of world GDP. But with the trade barriers erected during the Great Depression, total exports shrank to under 5 per cent of world GDP by After World War II, governments realised the folly of these policies and how they had contributed to the War.
Subsequently, a core group of governments established the Bretton Woods institutions. Through the General Agreement on Tariffs and Trade, fore-runner of the World Trade Organization, and the International Monetary Fund, governments agreed to bring down trade and financial barriers between countries and build a fairer and more rules based international trading and investment environment.
Bylower trade barriers and rapid falls in transport and communication costs pushed world exports to 14 per cent of world GDP. So the world is becoming more globalised again, and world incomes are growing more rapidly as a result.
How has Australia fared in a globalised world? Australia was always more open to international trade than most countries. However, inward looking, protectionist policies caused our ratio of exports to GDP to slip behind other countries in the s and s.
Trade protectionism and a range of other poor economic policies caused Australians to slip from being the wealthiest people in the world, with the highest real GDP per capita in to a rank of 15th by Our Human Development index rankings slipped to the same extent, to 14th. But in abandoning protectionist policies and introducing a range of other economic reforms, Australian governments have put Australia on the way back to the top.
These reforms have encouraged firms to adopt new technologies, increase training and seek new export markets. As a consequence, productivity growth in Australia was the second highest of all industrialised countries in the s.
And in Australia had the 4th highest Human Development ranking in the world. So Australia is a prime example of a country that has gained from globalisation.
This report finds globalisation is producing major gains for Australia and helping reduce world poverty. For example, it highlights a recent World Bank study of 72 developing countries that finds, in the s, globalising economies, or ones that increased their ratio of trade to GDP, grew over four times faster than non-globalisers.
These globalising developing economies also grew twice as fast as developed economies, allowing them to catch up with their richer counterparts. In fact our regional neighbours have been some of the big gainers from globalisation. From the s on, most East Asian economies became increasingly export oriented and globalised, lowering their tariffs and expanding their trade.
They also provided their populations education and infrastructure and generally sound governance. In the s, with the exception of Japan, East Asia grew by between per cent per annum, and the share of regional populations living in poverty fell rapidly.
The report finds big falls in poverty in globalising developing countries, particularly in our own region helped reduce the number of people living in poverty by million people in the last 20 years. But the numbers living in poverty in inward looking and poorly governed regions like Africa increased.
Lowering trade and investment barriers is necessary but not sufficient to ensure communities keep and spread the gains from globalisation. Governments also must ensure domestic goods, labour and financial markets work and legal systems and infrastructure function efficiently.
They must operate stable macroeconomic policies to keep inflation low and employment full. And they must ensure their populations have access to good quality education and health care and adequate social safety nets. Failures in some or all of these areas are the reasons some countries are not gaining from globalisation.
Clearly, the first step to ensuring a country and its population gains from globalisation is through strong economic and legal institutions, improved market efficiency and upgraded infrastructure, education and health delivery. Democratic and accountable Government is critical.
The Government has increasingly focused its development assistance expenditure toward governance programs in five key areas:Economy of Australia Economy of the United States Globalization Economic history of Australia Economy of South Korea This is an Essay / Project Essays / Projects are typically greater than 5 pages in length and are assessments that have been previously submitted by a student for academic grading.
Impacts. Contents: Essay on the Meaning of Globalisation Essay on the Characteristics of Globalisation Essay on the Advantages of Globalisation [ ] Economics Discussion. Economics Discussion Discuss Anything About Economics.
Essay on Globalisation. Article Shared by. ADVERTISEMENTS: Countries like Australia, Canada, USA and New. Globalisation in Australia Although globalisation is not a new concept with continents trading goods for thousands of years with various developments such as the Silk Road and the East India Trade Route (Green, ), it is still one of the largest affecting factors in modern day life.
Nov 20, · Globalisation essay. The development of the world economy and international relations becomes vulnerable to the overwhelming impact of globalisation which affects all countries, even though they conduct isolationist policies, such as North Korea, for instance/5(18).
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Australia’s strong economy has therefore been strengthened during the globalization time. An international trade theory can be seen as a measure to address problems in a country which has high unemployment, inflation or a weak macro economy.