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Assess The Impact Of Globalization On Australian Economy

1681 Words7 Pages

Globalisation is the integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity. There are many dimensions to globalisation, and there are many statistics that can be used as measures of globalisation. The major indicators of integration between economies include: international trade and trade flows, income gap between developed, emerging and developing economies and migration of labour force. Each of these indicators provides an insight into the way in which economies are now linked to each other and the extent to which a global economy is emerging. Globalisation contributes and sometimes hinders economic growth and quality of life. Economic Growth occurs when there is a sustained increase in a country's productive capacity over time. This is commonly measured by the percentage increase in real Gross Domestic Product. Quality of life refers to the overall wellbeing of individuals within a country according to their material living standards and a range of other indicators such as education levels, environmental quality and health standards. 1 This essay will discuss the effects of globalisation on economic growth and the quality of life on the Australian and Indonesian economy.

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On the other hand, smaller businesses who have no export capability lose market share to the larger businesses. In the short term, there will be more consumer choice and competition between businesses. Eventually the smaller businesses will lose out to the bigger businesses. In the long run, bigger businesses will dominate the market reducing consumer choice and competition. However, globalisation has not produced an overall acceleration in world economic growth, globalisation does nevertheless appear to be contributing to a convergence in living standards in the global

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