Essays on Globalization and the Australian Labor Force Literature review

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The paper "Globalization and the Australian Labor Force" is an outstanding example of a management literature review. The objectives of this paper are to look globally and empirically at the relationship between the labor market and globalization. In a more specific manner, it tries to look into the impacts of economic globalization on the Australian labor market and therefore contributes to the discussion on the effects of globalization on the the global economic situation and in particular the labor market. There has been a lot of literature that scrutinizes the relationship between economic globalization and labor and work informality.

This paper will look at the economic effect of globalization on the Australian labor market. Introduction Globalization is nothing new, from the time when Australia was founded as a colony; it has been involved in financial flows, migration of labor, investment, trade and technology transfers. The things that have changed are the direction, influence and size of these transfers particularly beginning in 1980. The factors that have helped this transformation include the growth and development of new markets, new institutional players like the World Trade Organization, new regulations and restrictions and the new tools and innovations of globalization.

There are many effects of Globalization which affect different aspects of the global economy to create a generally financial betterment. Globalization effects apply great influence on financial situations in addition to the industrial industry of a particular country. This essay will try to look at the relationship between the two and the effects of globalization on the Australian labor force.   Globalization economics According to Economy Watch (2010a), Globalization has one way or another basically benefited the economy of Australia. Australia has a wealth of natural resources that the whole population is not capable of utilizing, the surplus resources are sold to other nations that require the resources thus giving Australia a global market of more than six and a half billion people (Economy watch, 2010a).

References

Dreher, A., Gaston, N & Martens, P 2008, Measuring Globalization – Gauging its Consequences, New York, Springer.

Economywatch.com 2010a, “Effects of Globalization”, Viewed August 15, 2014 http://www.economywatch.com/economics-theory/globalization/effects.html

Economywatch.com, 2010b, “Benefits of International Trade” . Viewed on August 15, 2014 http://www.economywatch.com/international-trade/benefit.html

Felbermayr, G., Prat, J & Schmerer, H 2008, Globalization and Labor Market Outcomes: Wage Bargaining, Search Frictions, and Firm Heterogeneity,‖ Institute for the Study of Labor. Discussion Paper 3363

Gruen, D 2011, ‘Economic and financial trends and globalisation over the next 15 years and how they will influence the supply and demand for skills’, Viewed on August 15, 2014 http://www.treasury.gov.au/PublicationsAndMedia/Speeches/2011/Economic-and- financial-trends

Singh, S 2012, “What are the Disadvantages of Foreign Trade?”, Viewed on August 15, 2014 < http://www.preservearticles.com/2012022923900/what-are-the-disadvantages-of-foreign- trade.html

Skwirk.com 2012, “Globalization in Australia”, Viewed on August 15, 2014, http://www.skwirk.com/p-c_s-57_u-507_t-1374_c-5292/globalisation-in- australia/qld/sose-geography/the-global-citizen-ecology-and-economy/globalisation

Treasury 2009, Implications of the Globalisation of Financial Markets, submission to the House of Representatives Standing Committee on Economics, Finance and Public Administration: Inquiry into the Implications of the Globalisation of International Financial Markets for Macroeconomic Policy and the Operation of Financial Markets, viewed on August 15, 2014, http://www.aph.gov.au/house/committee/efpa/ifm/subs.htm

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