Thursday, May 30, 2019
CONTEMPORY MANAGEMENT Essay -- essays research papers
CONTEMPORY MANAGEMENTExamine the implications of globalization for Australian business and discuss whether Australia should proceed more coordinated into the global economyAustralia is an excellent object of study of globalization and its implications for business as its economic structure is at an unusual mid-way point. juvenile market opportunities, competitive threats and opportunities alike collapse been the key drivers of globalization since the 1980s. This essay analyzes a variety of topics to determine whether Australia should become more integrated into the global economy. shaping globalization and its major players is crucial to the argument. Petrellas definition of the main characteristics of contemporary globalization will be used as a framework to analyze and trace the main changes that argon a result of globalization. Through this process, the second part of the paper is devoted to analyzing the advantages and disadvantages for Australian business in becoming more integrated into the global economy. A conclusion back then be reached to confirm that the viability of Australias integration into the global economy is not only advantageous but also a necessary progression.Globalization is defined by various academics depending on the viewpoint they take. Keenoy and Kelly however most broadly define globalization as . . .The magnification of international trade and production to the extent that most forms of economic activity are not only interlinked but also interdependentGlobalization can also be defined through its characteristics. Petrella describes globalization as comprising of the following conceptsh Internationalization of financial marketsh Internationalization of corporate strategies, in specific their commitment to competition as a source of wealth creation.h Diffusion of technology and related R&D and knowledge worldwideh Transformation of consumption patterns into cultured products with worldwide consumer marketsh Internationaliza tion of the regulatory capabilities of national societies into a global political economic system.h Diminished portion of national governments in designing the rules for global governanceThe internationalization of financial markets is a direct result of globalization and vice versa. Four clear forces deliver contributed to this market saturation, disintermediation, deregulation of financial mar... ... of contemporary globalization have been discussed. The internationalization of finances and trade into a global political system puts Australian firms in the vulnerable position of becoming exposed to environmental risks of the world. These factors also open infinite opportunities to Australian businesses. Trading on a global basis allows larger access to consumers, hence profits, and the internationalization of finances can be considered an economic strength, rather than a weakness. The internationalization of corporate strategies requires a change in the idea of managers and th eir planning. Through the diffusion of technology and transformation of consumption patterns the commitment to wealth creation can be endless. The major players in the global market impersonate have changed with shifts in power towards large organizations. There will be losers in a more competitive environment but the benefits for Australian firms are endless. Globalization of Australia as it becomes more integrated into the economy is already in progress, and has been for a long time. If Australian firms are to keep up they will have to become more integrated, this is not a choice, but rather a necessity.