Abstract:
Globalization is a process through which, all the national economies of the world become interdependent and interrelated with one another. Globalization is shaping the world in which we live and the global economies are now becoming unimaginably huge as compared to the past two decades(Ilahi, 2018). In this analysis paper, we determine the impact of globalization on the Australian economy and analyze twospecific factors, which are trade and offshore outsourcing. Furthermore, we analyze the impact of these forces on the wide range of stakeholders of a company and devise implications for the impact on the international management practices.
The participation of the benefits of Australia has become an important part of the world’s economy and it has become increasingly important to the life of all Australians. Globalization within Australia has given access to a wide range of services and goods to the people of Australia and these are often at much lower prices, which normally were only available from the domestic producers within the country(D'Costa, 2014). First of all, we discuss the business culture and the business role of trade globalization in shaping the economy of Australia.
Globalization Assignment Harvard Case Solution & Analysis
Cultural Overview
The culture in Australia is very straightforward when it comes to the business. Australians are highly receptive to new ideas and they do not require to make long term relationships before doing business. They like to be modest and companies should never try to oversell them or try aggressive sales techniques with them. Australians are strong enough to downplay their own success and they do not take criticism seriously and it would not affect them as we think. The decision making within Australia is always slow as the businesses and partners work through close collaboration. The Australians do not find it hard to say no therefore, they are quite straightforward and quick.
According to the Commission of productivity in Australia,if we analyze economic culture, then the employment and the wage effects of the trade barriers have been deeply overshadowed by the technological changes. The concept of zero sum game has always represented trade within theAustralian economy(Australia, 2014). The belief of the traders within Australia had been based on the mercantilist theory, under which, they believe in buying less and selling more to other countries of the world. Therefore, as a result of the abundant natural resources, vast gold reserves and its mercantilist practices, it has been one of the richest economies around the world due to this force of globalization.
Trading with other countries has increased since then and there is no concept of buying less and selling more anymore. Today, businesses are shifting their manufacturing base to other low wage countries due to highly labor intensive jobs because the emerging economies are displacing the industrialized countries as producers of goods,which are highly labor intensive. There has been a rapid growth in high tech manufacturing jobs and industries in the country. The imports and exports of the country have increased and the total value of exports and imports has risen from 32% to 48% from 1975 to 2000(Morin, 2014)...................
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