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Globalisation is the term used to describe the increased pace of interconnectedness that has taken place over recent years. Globalisation involves the way countries over the word increase their trade of goods, services, production and resources. The acculturation of culture through media, tourism, and intergovernmental consultations, has lead to consumer demand for globalisation. The increase in transnational corporations has provided a base for globalisation, as it has established subsidiaries in other nations, aiming at achieving production facilities out of their own nation.
Throughout the globe there has been a vast increase of trade, finance, flow of investment, technology, and labour. The environment has become a greater concern demanding countries to develop environmentally friendly treaties which compromise the detrimental behaviour that leads to a decline in the level of living standards worldwide. All of this international economic and social interaction have predominately increased the pace of globalisation and therefore led to a greater level of global convergence and a harmonious business cycle on a world level.
Australia's economy is currently experiencing a period of economic growth. Recent statistics have shown that Australias GDP has increased by 1.% to give a current total of .6%. Interest rates have also increased to a total of 5.5%. The increase in GDP has called for an increase in interest rates to ultimately decrease inflation. The rise in interest rates has also increased financial flows into Australia. With the cash rate as high as it is, compared to other countries, i.e. Japan-0% and America-just over 1%, investment into Australia from foreign countries become more appealing.
The microeconomic reform within Australia is aimed at controlling the economy and keeping Australia out of any potential recession which may occur. As international convergence becomes more and more global, separate countries share the same booms and recessions because foreign countries rely on each other for trade of labour, capital, land and enterprise and a congruent international business cycle is developed. Australia has had a sustained growth for the past 1 years and has managed to escape the recession which is occurring throughout many countries. This has not affected Australia because of its
· Increase productivity of labour due to decreases in protection such as subsidies, and increases in the level of education and specialised skills obtained by the current population;
· Deregulation of finance, labour, telecommunications, taxation, transport, and trade protection which create a more efficient economy as labour productivity increases and specialisation occurs;
· High interest rates creating larger foreign investments; and
· An increase in living standards, infrastructure and public sector.
The World Trade Organisation (WHO) was established in the early 0's who look after the rules of trading and decide how things should be done to create global peace.
Trade throughout the world had become more popular for many countries and in some cases a smaller country may rely on a larger country for its resources as it may not have the appropriate factor endowment Australia has had a massive change in the way it trades with other countries since the 150's. Wheat and wool made up 80% of Australians exports this decreased to give a total of 6% in the 80s and is now at a rate less than 5%. Manufactured goods and services have grown due to productivity and Asia has become a major trading partner.
Throughout trade many countries have had an improvement in their lifestyle. From global trade of goods and services, particularly technology, ties are forming between countries in the way of telecommunications, the world wide web, world sports etc. Although there have been a lot of protection implemented to create fairness throughout world trade, levels of protection are becoming smaller hence free trade and global convergence are coming closer. The decrease of protection has not only been accountable for more imports into Australia but also more exports. In the late 80's there was a Button report released which took away protection of Australia's cars. This led to an increase in the importation of foreign vehicles and considering the minimum price they were selling at, Australian's bought the overseas cars instead of the expensive Australian made cars. This created a large amount of unemployment as people involved in Australia's motor vehicle industry lost their jobs to foreign absolute advantage. This is an example of how globalisation can be detrimental to economies.
Australia's living standards have developed significantly since the mid 180's. This is seen through the achievement of health care facilities, the new public health approach which illustrates prevention is better than cure, more technology regarding treatment, and a wider level of knowledge on risk factors leading to diseases.
Policies have been developed promoting equity throughout Australia regarding culture, employment and wages and although there has been a cultural lag (values not changing as quickly as legislation) these legislations have still impacted Australia providing a relatively more fair society.
Satisfaction of wants and needs in Australia is at a high standard. Australia has a lot to offer regarding finished products whether they have been imported or not. The majority of Australian residents have a wide choice concerning products and services and receive these at a usually qualified standard.
The distribution of income amongst people in Australia is not equal; it in fact runs on productivity, ability, occupational and geographical mobility etc. Australia has a tax system where a person pays a percentage of their pay to the government, which is called a marginal rate of tax. The amount of dollars that people receive because of their work has risen due to an increase in inflation since the end of World War II and because of specialisation. Also because of award wage and other government legislations, Australians now receive more money for their work.
Globalisation is accountable for much of this increase in living standards within Australia, as there has been a larger satisfaction of wants and needs through global trading and acculturation of a diverse range of cultural ideas and values.
Australia has developed a greater amount of resources through global trade which led to an increase in lifestyle. Also trading has created more exports from Australia and because of Australia's increasing productivity it is justifiable to say that Australia may continue to have an increase in GDP. With higher interest rates inflation has been controlled and although it costs more money for individuals to live it has increased the demand for Australian dollars from overseas investors. Tourists and transnational corporation's existence within the economic developing country of Australia have also proved to be beneficial and with all of this global interaction occurring global convergence is becoming more probable everyday.
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