Globalization

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Assessment Task 1
Table of Contents
Introduction...................................................................................................................................................2
Influence of globalization on Chinaeconomy & Australia ...........................................................................2
Strategies to promote economic growth & development..............................................................................4
Differences in growth ...................................................................................................................................5
Distribution of income & wealth ..................................................................................................................6
Income & Quality of life indicators & trends...............................................................................................6
Reasons for differences in both the economies.............................................................................................6
Effects of globalization .................................................................................................................................7
Significance of trade, investment & Transnational corporations..................................................................8
Environmental sustainability strategies ........................................................................................................9
Trends in economic/business cycle...............................................................................................................9
Conclusion ..................................................................................................................................................10
References...................................................................................................................................................11
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Introduction
Globalization refers to a process by which organizations expand their business & operates it on
an international scale. It involves free movements of goods, services & people across the world.
It is generally integration of economies with all other economies of the world. Globalization has
its impact almost in everywhere around the globe, in this assessment there will be brief
discussion & comparative analysis of the influence of globalization on the East-Asian economy
and Australia. East Asian countries would mainly include China, Mongolia, Thailand, Indonesia,
South & North Korea, Japan & Taiwan.
Influence of globalization on China & Australia
The United Nations organization declared 1960’s as the era of globalization. This had
encouraged free trade and resulted in giving customers new choices & alternatives of products
creating a satisfied market. Poverty rates are decreasing with increasing GDP & income rates. It
has been witnessed in developing economies of the world. Globalization has greatly influenced
the China as years ago; there has been rise in the performance from the past years with the
address of globalization.
Figure 1: GDP of East Asia economy
Source: (http://www.rieti.go.jp/en/events/tenth-anniversary-seminar/11011801.html)
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Figure 2: Growth in China
Source: www.coolgeography.co.uk
It is an important phenomenon as beyond everything its strategic, economic & social
consequences are changing international relations. China is here to stay and will follow the same
growth over next 15years (Miller, et. al., 2010). This growth has positively affected region's
peace & wealth. The World Bank forecasts high growth of the Australia economy over China. If
these countries maintain & manage their success & growth in the same way & stick to their force
of liberalization & wise policies, they may pose a challenge for the Australian economy. China
had made this globalization by increased production, high savings rates, emphasis on education
& strong forecasts of foreign investments (Wan Jr, 2011). These investments proved to be
beneficial and provided with high growth rates, this to be continued for next 15 years or so.
China have good financial conditions & can overcome difficulties. The export rate is very high in
China and became world largest exporter. Compared to Australia, globalization was not new.
Australia was already involved in a trade, investments, technology, communication, migration of
labor since its initial formation & had great influence. The floating and irregular dollar of
Australia intensified the impact of globalization.
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Strategies to promote economic growth & development
The Government of Australia had planned many strategies to continue its growth in the world
such as Ten-year enterprise tax plan for creating jobs, continued investments in National
Innovation & Science Agenda, encouraging young and talented employees to display their skills
to employers(Arnove, et. al., 2012). The government is dedicated  


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