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Effects of Globalization on Australia
Summary: Facts about globalization and its relationship to the economy of Australia. Because Australia's domestic market is very limited by its small population, active trade globalization and developing more overseas markets is essential for its economy.
Globalization has many different meanings. To know if globalization has been beneficial to Australia, globalization first needs a definition. Below are four bona fide definitions.
- "Globalization: the tendency for markets to become global, rather than national, as barriers to International Trade (e.g. Tariffs) are reduced and international transport and communications improve; and the tendency for large Multinational Companies to grow to service global markets." [Collins Dictionary of Economics, 2003]
- "Globalization is the trend toward increased economic...connectedness between individuals, businesses and public organizations across international borders...a set of beliefs that promote a sense of connectedness. Globalization involves an emphasis on international financial transactions, the removal of international trade restrictions, and the increase in world-wide communication." [World Book, 2006].
- Globalization as most economists understand it involves the increasing interaction of national economic systems. Of necessity, these systems are reasonably compatible and, in at least some important respects, market oriented...
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This section contains 1,574 words (approx. 6 pages at 300 words per page) |
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