The report has been shared with the different perspectives of globalization, government, and business. The aspects like the impact of globalization on Australia on the terms of economy, poverty alleviation, and social protection have been shared. Globalization is affecting and degrading the environment at a larger scale due to the harmful emissions from industries. To respond to the international expansion of business, the new and existing mergers should follow ethical and legal mechanisms. The aspects have been defined and described based on adequate spending on health, food, education, the supply of goods, and other environment-related factors. International brands have structures of business and the amount, level of skill, and nationality of group members varying depending on the item for consumption, size, and industry of business. This all has been shared in the report in detail.
Table of Contents
Impact of globalization on the country in terms of economic development
Impact of globalization on Australia in terms of poverty alleviation.
Impact of globalization on Australia in terms of social protection.
Affect to Australia by environmental degradation on globalization.
Business response to growing risks and uncertainties in the current global business Ethically and Legally.
Globalization is the process in which political, economic, and social units have gained interdependence and mutual awareness in the world. It is said to be the closer integration of people and countries across the world. The concept is bought up by the reduction in transportation and communication to break down the additional barriers arising within the flow of people, capital, knowledge, services, and people across borders. The globalization concept was accelerated after the cold war ended and moved towards the integration and interdependence of the world economy. Nowadays, globalization is moving faster, cheaper, deeper, and farther. The reduction in tariffs and quotas, signing of free buy and sell agreements, and pro-market reforms have driven buy and sell globalization. The other diverse of globalization was the growing influence of MNEs, the emergence of multilateral institutions and the World Bank, and technological advancement. The top largest companies such as Walmart, State Grid, Sinopec Group, China National Petroleum, Royal Dutch Shell, Toyota Motor, Volkswagen, BP, Exxon Mobil, Berkshire Hathaway, Apple, and Samsung Electronics were the leaders from different countries such as USA, China, Netherlands, South Korea, Japan, and Germany.
The globalization of market and production merged and sourced the goods and services from different locations so that they can take advantage of the national economy in cost and quality. The era is dawning along with the growing protectionism and nationalism. This has been jumped with the increase of the prop up of political parties and candidates with protectionist and pro-autonomy agendas. This has increased protection with the riles of the national government. This paper will aim to discuss the impact of Globalisation on Australia. Moreover, it will discuss how the country has been affected by the ‘environmental degradation’ emerging from industrial development. Furthermore, the paper will discuss how businesses in Australia should respond to the uncertainties in the business environment while remaining ethically and socially responsible.
Today, in the era of anti-globalization, it has been developed to weaken multilateral institutions and declining trust in business and political elites. The breakdown has been developed in the system with multilateral negotiations and regional trade blocs like WTO Doha Round, BREXIT, US pulling out from TPP, and weakening of multilateral institutions with the pressure for alternative economic modes. The four paradoxes of globalization have been followed like a relationship, human consequences, less, yet more, and space.
The generation of Australia is experiencing and witnessing the changes that have been made in society. Globalization in the form of revolution that is continuing the changes in the environment. Australia is greatly evolved by globalization and affected the country positively and negatively. The concept is majorly named to identify economic interdependence amongst the nations. Movement of trade, technology, finance, investment, and labour all affect economic development in the country. Free trades and communism are rising global brands and companies in the country. The economy has impacted the country at an intermediate level with the view of selling market over 6.5 billion people. Half of the exports have been done by the trade of primary resources in the country such as uranium, coal, rice, wool, and beef. The value of exports has been risen with a rate of 32% because of minerals and natural resources. Moreover, the migration is somewhere the boosting economy of the country (Monbiot 2016). It is such that the company named GM Holden is the leading car manufacturing company that receded quickly and stopped its manufacturing processes by 2017. This has to lead to a loss of around 3000 jobs due to pull-out as well as meaning all vehicles that need importing (Smith, Plummer & Hughes 2017). Many operations have been pulled out that includes production costs, high dollars, and share market to expand (Meckling & Hughes 2018).
The economic reforms have underpinned Australian economic growth for a longer period. Some of the factors are responsible for the global financial crisis. Australia's boast has been due to the generation's worth of unbroken economic growth. The recent global financial crisis has served the nations with a wake-up call instead of encouraging attitude towards Australian invincibility. The remainder of financial looks has linked the Australian prosperity critically. The linkages are taken for granted and observed with financial fragility and growth of sentiment on the areas almost everyone looks upon. Three things have been identified that compel the evidence collected from the crisis (Ranald 2015). The first one is the position of Commonwealth as it is unable to repair its fiscal position. It has put the risk at the AAA credit rating that was written to protect the Australian economy (Meckling & Hughes 2017).
Second, the attitude towards foreign investments is very poor and fearful because it put the risk on the capability to join provincial partnerships. The third is the populist obsession with the productivity of larger domestic banks. This is considered in crisis because institutions are associated with the risks dependant on channels of the global debt market. Reliable sources should be chosen to provide support for homeowners, businesses, and investors.
In Australia, the populist quagmires have a sufficient thoughtful of the reasons for the past. Moreover, increasing strategies should be developed to face the challenge and opportunities of the contemporary world. Globalization is not equally benefiting all and everyone has not the same political voice. The Australians believe that they are treated cynically in the country. More important, in the industrialized world, the aggregate of income is slower than the decade that has preceded it. This is an up-and-coming accord that the lower growth must be communal uniformly without accruing gains to the wealthiest citizens. It is not a surprising matter, but the economic outcomes are disappointed as observed at an unprecedented pace. The living standards have been damaged due to globalization in the world to especially those of well-off.
The global financial crisis was the result of an extreme retreat of nationalism with the regulatory bodies and financial intermediaries beyond their sovereign borders. The lack of trust was not considered in globalization rather, the policies of Australia should be systematized according to the developing economy. It provides an illustration of what is wrong and the reasons for failing in regulations and policies made by the government. Australia is the country that is benefited from the international orientation of economics, social, inter-governmental, and financial dimensions. If the policies are right, the individual gets automatically benefited from being part of an open economy. Numerous benefits could be availed by Australia with the use of cultural, social, and commercial activity.
Hence, the positive economy affects can be seen but negative also have to keep into consideration while trading. Australian life has been substantially affected in all the matters positively and negatively so along with this political, social, and environmental factor should also be considered.
The four paradoxes defining globalization according to Prof. John Dunning are explained as follows:
The technology has become more costly and risky these days so the companies have started cooperating with potential competitors. Joint ventures and strategic alliances are the other forms of partnerships that the companies have formed to have partnerships between markets, governments, and firms.
The paradox of space revolves around the concept of globalization versus localization. In this, the markets have been globalized and homogenized according to customer demand. In countries like Australia, the profits differ because of racial and cultural diversity that is affecting economic regionalism such as NAFTA and EU. The companies have been setting up strategies to are thinking and develop the systems globally and locally (Hughes & Meckling 2015).
It involves the role of government by following the era of big government. Market us relied on the rise of new public management (NPM) and the rise of neo-liberalism. This model is followed since the 1980s with the emphasis laid by the government and operations on the public sector.
The benefits and disbenefits of globalization are defined in the system as winners and losers from globalization. MNEs are giving greater influence to determine who will lose and win (Hughes & Neill 2008).
There is a rise of emerging economies as they are accounting for 82% of the world's population. They are playing a key role in increasing the global economy in terms of production, innovation, and consumption. Due to sudden regulatory shifts changes the economic conditions and other risks are evolving the scenario. The conflicts are rising between national and global governance systems. For this MNEs must pay attention to regional and global levels of expansions.
Poverty and globalization are the two different points to describe and define. The measurements of poverty were done by indexing the status of an individual based on adequate spending on health, food, education, the supply of goods, and other environment-related factors. The people who experience poverty are more likely to increase social vulnerability, insecurity, and income volatility (Hughes et al. 2015). The point has been presented by one of the authors that the role played by traditional rural such as Aboriginals and Torres Strait Islanders in determining actual figures of poverty within the country. It is because countries are facing economic instability within their country's environment. This uncertainty is the measure that defines and relates to the poverty of social insurance at the international level. Moreover, the consideration should be given on measures that should be taken for poverty measurement in Australia. The major indicator for this could be the indebted families and insufficient income. Domestic investments also play a major role in endeavouring for the gauge of poverty. Hence, the set of econometry should be studied to know the effect of globalization on poverty. Globalization is the major concept that is measured with the standards of openness in trade, privatization, and financial openness. Dummies such as regional, political, religion, and specialization have control over other aspects.
The possible factor relating to poverty in Australia can be said as the influence of wage legislation, income distribution, and tax burden on entrepreneurial activities. Moreover, the early stages of industrialization should be characterized by a polarization of income to distribution (Hughes et al. 2015).
At present, the welfare of the country is associated with increasing ideological and political debate on effectiveness. Countries such as Australia should commit to dipping social expenditure by introducing events such as deregulation and low tax rates. This has adversely impacted the rates of poverty and inequality in the country. These political and economic initiatives have coincided with a period of economic globalization. The autonomy of growing significance on investment, trade, financial flows, and production has appeared to be curtailed in the systems. Globalization is appeared to be encouraging a decline in social standards and spending. MNE power is growing with the support of government, labourers, and consumers. They are facing conflicts with strategy and philosophy for employ conditions, infectivity, and social accountability in the home as well as host countries. The social policies have raised to super-rational agencies with influence on shaping the nation. Many countries support the neo-liberalization concept to retrench welfare at local as well as international level. The powers are transferred with the process such as unrestricted trade, high tech communication, and low transport costs (Hughes, et al. 2015).
The increasing pace of globalization is affecting the environment in the whole world. It is very harmful to the countrymen to survive. The environmentalists are supporting the arguments that relate to globalization and increase production. It indirectly contributes to the depletion and exploitation of natural resources. Globalization is somewhere bad for the environment as the open economy is adopting and losing environmental standards. People who support this view have created a global competition that results in a boost of economic activities that degrades the environment and natural resources of the country. An increase in globalization leads to large sums of emitted industrial pollutants that degrade the environment. Harmful gases such as Carbon dioxide, Sulphur Dioxide, Nitrous oxide are worsening the health of people staying there. Hence, globalization has triggered the technological advancements and innovations that could be transferred from Australia so that strict regulations on the environment are followed. The transfer of goods, technologies, and intermediaries are involved in the globalization concept. It means that multinational corporations should have clear strategies for installing technology in the country that comply with the rules of the environment. The anti-globalization concept is rising which means less specialized sectors should take advantage of the country (Cohen et al. 2019).
If the company aims to compete globally then the team should work in a place to accept the challenge. The consideration is based on the structure of the organization and the location of team members. As an example, the company runs mostly in the headquarters on the ground to coordinate who understands working across time zones. The companies organize into continental groups overseen by the headmasters. The headmen of smaller organizations have global presence controlled and consistent around the world. International brands have structures of business and the number, level of expertise, and nationality of team members varying depending on product, size, and industry of business.
The laws and regulations of the business must be in place gaining a detailed understanding of local rules and regulations to govern within target markets. Trading laws impose tax implications on navigating legal requirements to function successfully within international business. The significant considerations should be given on trade as potential tariffs and legal costs. The complex systems should be involved in foreign trade and employment laws investing knowledge and experience cooperating counsel proving invaluable. According to the official laws, engage in an international business requiring cultural guidelines. It has been proved challenging in emerging markets with defined regulations or potential corruption. The Foreign Corrupt Practices Act aims at eliminating bribery and unethical practices in international business. The legal areas also consider accounting while doing international business. Different compliance requirements, tax systems, and rates make the accounting function of a multinational organization significantly challenging.
Hence, with an intricate relationship, the government and business entities try to persuade and influence each other in different ways to achieve their respective goals. Business is an activity that provides the choice to handle with scarce products and society to meet economic demands and supply. The business is also considered as an organization that is engaged in making profits or providing service. The public and private sectors lead organizations by making the use of public utilities, production, and service provision in MNC and TNC. The publically listing of services, and privately owning the business is the focus of large as well as small business entities. The power of different businesses is owed by the national income generation via international trade, employment generation, and national revenue from taxation. The theories should be effectively and efficiently followed by the national development and outsourcing of the partners.
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