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Knowledge Review and Reflection

Table of Contents

Introduction.

Economic concepts.

Globalisation and international trade.

Trade policies.

Trade and investment

Global Financial Crisis (GFC) and its implications.

Policy issues.

Critique.

Conclusion.

Recommendations.

Reflection.

References.

Introduction to Globalization

Globalization represent the emerging association of the world's economies, civilizations, and populations, attained by cross-border argument merchandise and schemes, invention, and streams of conjecture, individuals, and information. Besides, trading was started a large number of years ago even before the idea of globalization began. Global trading or international trading is characterized as, “The financial collaboration among various countries including the trading of products and enterprises, that is, fares and imports” (Pomfret 2019). However, due to the COVID-19 pandemic the World Health Organization (WHO) has declared a global economic and health crisis. The Australian Government has been struggling with the policy objectives for balancing the country’s economy (Kahn 2019). Differences in viewpoints of the international traders and politicians can lead to long-term economic loss to Australia. Many habitants have lost their jobs which has led to precipitous drop in the Australian economy. So, this report will discuss the strategy for international trade and economy crises, which can be utilized by the Australian Government for mitigating the impacts of the pandemic.

Economic Concepts

Mercantilism is monetary patriotism to construct a prosperous and incredible state. Adam Smith begat the term 'commercial framework' to depict the planning of dogmatic economy that tried to improve the nation by restraining imports and authorizing trades. The goal of these strategies was, apparently, to achieve a 'positive' parity of exchange that would carry precious products into the nation and furthermore to look after local business.

Globalisation and International Trade

International trading has a significant part in the growth of GDP in many nations. Different governments from various countries are probing for new growth openings outside their national boundaries. Hence, it can be noteworthy for business, because of assistances development promises, diminished confidence on known marketplaces, and business postponement. Globalization is a mind-boggling process having social, natural, social ramifications, being emphatically associated with financial instruments, and different perspectives identified with business sectors (Kahn 2019). Subsequently, globalization in the financial region alludes to relationship of economies of countries because of extended cross-fringe streams of items, governments, and capital.

The GDP growth is trusted upon to be around 2¾ per cent more than past two years (Tidwell 2017). According the Australian Government, the country’s GDP growth was more fragile than newly envisioned. A share of the drivers of the pause in growth in the suburban economy throughout the second 50 per cent of 2018, especially mining movement, are relied upon to have been fleeting (Tidwell 2017). Be that as it may, different drivers, for example, consumption and enduring venture, are mandatory to stay subtle over coming digs. As of now, the COVID-19 pandemic has led to great loss to the Australian economy in terms of globalization and international trade.

Trade Policies

The Export Council of Australia (ECA) is gathering data and assets to help Australian organizations engaged with exchange plan for and moderate any impacts of the COVID-19 pandemic on organizations. Flexibly chain disturbances have scrutinized the flexibility of creation systems, regardless of whether provincial or worldwide, on which the world has been subject to in the post-WTO period. However, China is Australia's biggest exchanging accomplice. The manner in which the Australian Government is going is very positive. Reassuring the Australian assembling limit is something that could make more employments. In Australia there is a way more elevated level of consideration of getting their relationship with China right. Nevertheless, Australia doesn't include high on the need rundown of political connections. However, Australia upholds it disseminate competitiveness by enduring to espouse advanced and well-organized practices, predominantly by mechanisation, new agricultural methods and broadening (Pomfret 2019).

Trade and Investment

Global exchange and assumption is rudimentary to the Australian economy, giving occupations and flourishing. Business needs to have the certainty to face challenges – on new markets, new items, and new creation/conveyance strategies, and government needs to diminish hindrances to speculation. As indicated by Hoekman (2018), exogenic development is for quite some time run monetary development at a rate dictated by the powers of the national government. Universal exchange and speculation streams are the essential drivers of globalization. As indicated by the Economic Trade (2019), proportions of globalization remember markers for capital developments and outside direct speculations, universal exchange, the monetary action of worldwide firms and the internationalization of innovation. Australia has a longstanding and dynamic speculation fascination program. Austrade's future exercises should be founded on sound financial and business standards. Furthermore, an absence of access to significant data in global markets can hinder Australian organizations from recognizing remote business openings and entering new markets due to the large-scale impact of the global pademic.

Global Financial Crisis (GFC) and its Implications

The continuing worldwide monetary and monetary emergency can perhaps present a time of a worldwide downturn that may truly sabotage all nations' procedure of financial expansion and transformation. Australia didn't encounter a huge monetary downturn or a money related emergency during the GFC (The World Bank 2018). Subsequently, due to COVID-19 pandemic, the stride of financial development has slowed down fundamentally, the joblessness rate increased strongly and there is a time of elevated vulnerability. Despite of the Australian money related agenda being in a greatly improved situation before the GFC, given the size of the stun to the worldwide economy and to inevitability all the more expansively. Australia's solid monetary presentation during the GFC can be ascribed to the Government's improvement gauges, a sound and fluid financial framework. Two-sided exchange and speculation relations have likewise fortified and are presently profoundly correlative to one another in the territories of mining and vitality (Australian Government 2020).

Policy Issues

In a stimulating and indeterminate condition, trade is vital to save subsists of inhabitants of Australia. In reference with the ongoing pandemic, the Australian Taxation Office (ATO) reported an augmentation of the time accessible for organizations to pay their representatives, and still have the option to guarantee their pay back loans (Australian Government 2020). Furthermore, the Australian government is providing adaptability in the Corporations Act 2001 to give focused on help to organizations from arrangements of the Act to manage unexpected occasions (The World Bank 2018). Moreover, the Australian Border Force declared the transitory disallowance on the non-business fare of specific products and things that add to controlling and forestalling the spread of the coronavirus. The Australian Prudential Regulation Authority (APRA) has given brief help from its capital prerequisite, permitting banks to use a portion of their present huge cushions to encourage continuous loaning to the economy as long as least capital necessities are met (Australian Government 2020). This shows that despite of the global emergency, the Australian government is taking care of the country’s economy and trade business in an efficient manner.

Critique of Knowledge Review and Reflection

According to the research, the Australian economy is dependent on China for development. As of now, due to the pandemic, many nations are eradicating their relations with China. In that case, if Australian government still be involved with the Chinese government, it can harm the trade and political relations with other countries. Furthermore, the steps taken by the government to support the Australian people will contribute to the economic growth of the country. The ATO policy has been supporting the workforce in Australia, however, in other countries, the companies are simply laying-off their workers.

Conclusion on Knowledge Review and Reflection

The development of universal exchange through the years has been a significance of the globalization practice. In this way, the two consumers and administrations would now be able to browse a more widespread scope of items and managements. In the post-pandemic condition, numerous nations are probably going to seriously devote their endeavours towards rebooting their enterprises and ensuring their imperative and fundamental supplies. However, Australia didn't encounter a huge monetary downturn or a money related emergency during the GFC. Global exchange and venture opens up open doors for Australians to extend their businesses. On a concluding note, the measures taken by the Australian government will help the country to grow its economy and trade during the pandemic and also afterwards.

Recommendations on Knowledge Review and Reflection

It is recommended that the for maintaining international trading business, the government of Australia should not stop emigrants to reside in the country. Moreover, the government should support them as they were also working for the nation before the pandemic. However, the country should continue the international trade facilities as it will benefit the country’s economy.

Reflection on Knowledge Review and Reflection

For this research about the international trade and globalization, I studied the trade theories and the trade policies as mentioned in the modules provided by the university. Along with this, I researched many journal articles and news articles regarding the globalization trend in Australia. By my investigation, I took a decision that despite the financial losses to the country due to COVID-19, the Australian government is supporting the inhabitants and also managing the trade business by providing essential items to other nations. Furthermore, Australia upholds it disseminate competitiveness by enduring to espouse advanced and well-organized practices, predominantly by mechanisation and broadening.

References for Knowledge Review and Reflection

Australian Government. 2020. Trade and investment at a glance. [Online]. Available at: https://www.dfat.gov.au/about-us/publications/trade-investment/trade-at-a-glance/Pages/trade-at-a-glance [Accessed on: June 7th 2020].

Frieden, J. 2018. The backlash against globalization and the future of the international economic order. The Crisis of Globalization: Democracy, Capitalism and Inequality in the Twenty-First Century, p. 43.

Fusaro, M., Blakemore, R. J., Crivelli, B., Ekama, K. J., Vanneste, T., Lucassen, J., van Rossum, M., Okabe, Y., Hallén, P. and Kane, P. M. 2016. Entrepreneurs at sea: Trading practices, legal opportunities and early modern globalization. International Journal of Maritime History, 28(4), pp. 774-786.

Hoekman, B. 2018. Government procurement. Potential Benefits of an Australia-EU Free Trade Agreement, p. 123.

Kahn, H. 2019. World economic development: 1979 and beyond. London: Routledge.

Paramati, S. R., Roca, E. and Gupta, R. 2016. Economic integration and stock market dynamic linkages: evidence in the context of Australia and Asia. Applied Economics, 48(44), pp. 4210-4226.

Pomfret, R. 2019. Convergence of EU and Australian views on the international trading system in the twenty-first century. Global Affairs, 5(4-5), pp. 517-522.

Reserve Bank of Australia. n.d. The Global Financial Crisis. [Online]. Available at: https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html [Accessed on: June 7th 2020].

Trading Economic. 2019. Australia terms of trade. [Online]. Available at: https://tradingeconomics.com/australia/terms-of-trade [Accessed on: June 7th 2020].

The World Bank. 2018. GDP growth (annual %) – Australia. Available at: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=AU [Accessed on: June 7th 2020].

Thurbon, E. 2016. Trade agreements and the myth of policy constraint in Australia. Australian Journal of political Science, 51(4), pp. 636-651.

Tidwell, A. 2017. The role of ‘diplomatic lobbying’in shaping US foreign policy and its effects on the Australia–US relationship. Australian Journal of International Affairs, 71(2), pp. 184-200.

Zhang, X., Qi, T. Y., Ou, X. M. and Zhang, X. L. 2017. The role of multi-region integrated emissions trading scheme: a computable general equilibrium analysis. Applied Energy, 185, pp. 1860-1868.

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