The paper "The Benefits of Globalization to Australia" is a perfect example of a finance and accounting assignment. Globalization can be defined in two forms: narrow sense and the broader sense. Narrow sense defines globalization as an increase in the internationalization of distribution, production, and the marketing of goods and services. In a broader sense, it is the consolidation of the world society through the expansion of global linkages and growth of consciousness. This means that it is a complex thing that brings in political, cultural, economic and technological capabilities in the mobility of the organizations, capital, and technology and manpower (Lockhart 2006). Additionally, globalization cannot stay or exist in a vacuum.
This means that there are consequences and benefits. One of the benefits that have been witnessed by Australian society are the expansion of Australian Universities. The negative side has affected the agricultural sector. There are benefits that are attributed to the globalization of Australia and the major ones are the economy, politics, culture and technology. Technology There is some belief that Australia is an ‘ old economy’ , current information shows that this is false due to the growing acceptance of globalized communication and trade and also specifically in terms of technology.
There are various researches that have been carried out and it has ranked Australia as a better technological advancement compared to other countries. Technology has improved online shopping among Australian consumers. A high percentage of the Australian population uses the internet to pay bills, shop and access other services. Internet access and availability has grown fast and increases the economical benefit and enables people to multitask. Many educational institutions have benefited a lot due to technological globalization.
Many Australian universities have gone international and are found in many countries and use the main university to look for materials. Resources that the institutions use are accessible online and some times exams are done online and enable distant students to access Australian education as though they were taking the courses in Australia. Moreover, technology advancement and employment have generally increased the efficiency of transport, telecommunications capabilities and ICT in lowering the transactional and transportation costs hence encourages global economic convergence. An example is the use of containers in transportation.
The containers have made it possible for bulking and fragile goods to be freighted easily. Telephone and mobile services have enabled easy communication and monitoring of processes. The reduced calling charges and internet availability has increased the number of people who access these services resulting in embracing certain features that could have made success in completing certain tasks near impossible. The low earners and mostly those people from the rural areas can access cheaper services and use the technology in improving the business and living standards (Cox 2007). Economy It is evident that Australia participation in international markets has improved living standards, encouraged faster economic growth, easier access to technology and capital and has higher productivity and lower associated costs when compared to those countries that have closed economies. Australian exports have continually increased through the years of WTO.
This has resulted in increase employment due to the dependency of exportation on employment. This means that a single-digit increase in Australian exports directly increases the number of people who are employed. In addition, those workers who work in these companies (exports) have a higher yearly pay compared to that non-traded sector economy.
The benefits and success that the organization access or gain trickle down to the workers (Lockhart 2006). On the other hand, foreign investment in production also increase job availability and improves the economy through contractual supplies of the local community and the transfer of technology improves the Australian economy. Hence, the participation of foreign competitors leads to an increase in domestic innovation and becomes more competitive. Globalization has increased the amounts of exports. After the importer's policies and regulations became favourable the local producers improved the standards of their products which lead to specialization.
Some industries such as the automobile, textile and clothing have improved through innovation and creativity (Podkalicka 2008). The taxes and tariffs that are obtained from the import and exports sectors improve the GDP of the Australian economy. Services that are rendered due to increased import-export tariffs improve the living standards of the local population and implementation of other measures that will generally improve the economy. Culture The culture of the Australians echoes national exception in the unification of many diverse cultures. She has multiple cultures that consist of comprehensive society and broadminded liberal due to the high population of Europeans and the Aboriginal culture and the different foods that are associated with. Australia has many inhabitants who come from many countries that are estimated to be more than 200.
The Australian culture has the understanding to support and given the freedom to the different cultures depending on the Australian society (Keith 2003). Many cultures in Australia inspire artistic diversity and improve the quality of the end products. Artistic cultures due to globalization have increased the diffusion of cultures at a greater speed, scope and depth.
Hence, culture is something that is not national but international when issues such as cultural heritage are threatened. Some cultural communities like the Aboriginals have been seen as the only few original populations and most organizations try to maintain them (Fenelon 2008). Globalization has brought in advancement in medical institutions and facilities that assist the minorities. Those minor cultures in Australia receive assistance from other cultures that to some extent share the same principles and beliefs. An example is the Australian Aboriginals and the Canadian Aboriginals. Culture enrichment and unique type are incentive to mass tourism.
Aboriginals are a unique culture that calls on many communities from all over the world with different cultures to come and see the unique heritage (Podkalicka 2008). In Australia globalization has made it possible for the eradication of certain taboos and discrimination against people in terms of class, gender, race, religious belief and colour. More minority societies have been embraced into Australian society and into the civil services and job opportunities. In addition, it has helped to develop the economic-social status of women.
Women are encouraged to improve their educational standards, hence improving their living standards (Bramble 2006). Politics The Australian political government enables the residents to have currencies from other states and they supply them into the market. This enables the entire population to use the currency to acquire goods from different nations. Through this, there is a balance of exchange currency and denomination. The government maintains the national sovereignty and ensures that the day to day activities of the different business entities is maintained. It has given the business population and her citizens the opportunity of diversifying interests on monetary values and access.
The national government protects the local communities from dirty economic exigencies with the help of tariffs and supports the local businesses with subsidies and other privileges. An example of this supports is in the agricultural and manufacturing industries (Lockhart 2006). Apart from the sector of economies, local communities: labour unions, municipal governments and consumer groups usually benefit from international networking. Some of these organizations include the land mines treaty and the International Criminal Commission. Some municipal governments have foreign policies that promote mutual economic development. The benefit to the inhabitants of Australia in terms of globalization has improved accountability in both private and public sectors.
There are courts that recognize property rights and have the powers to enforce the rule, which results in the government been less corrupt and effective in its operation. Hence, the policies that the country develops are more stable and essential for future planning. Globalization has various benefits to the Australian government and population through the changing trends of culture, economics, political and technology.
The most evident contribution of globalization is increasing interdependence and integration at a worldwide scale. This Results in a beneficial revolution for the people of Australia and the government in general (Schoun 2006). Some of the important benefits that have been experienced by Australia include fast transportation of services and goods, increase free trade, diminishing cultural barriers, growing liquidity of capital and an increase in communication between diverse corporations over the world. It increases civil liberties and enjoys Australia enjoys a profitable status. Globalization reduces the cost of production, increases employment and its associated salary or wages hence improving the living standards.
Furthermore, globalization gives it a chance for improvement of skills and technology which results in the advancement of human living standards.
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