Advantages And Impacts Of Globalization On India

For an economy other than Australia, explain how government development strategies have responded to the process of globalisation.

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Globalisation is expressed in transcontinental flows and networks of activity, interaction and power between countries, irrespective of geographic distance. It establishes and maintains economic, political and socio-cultural relations. This interaction helps economies through growth in international trade, investment and capital flows. Some factors that have acted as the driving force of globalisation include technological innovation as it had made transport and communication around the world easier, capitalism and trade have also played an important role in encouraging globalisation. Trade

Part a Globalization The global world has changed rapidly in recent decades. The world has entered into a new era of advanced technology and development by using most of the resources that are available. All the economies have internationally integrated by the interchange of capital, investments, world views and technology. Countries and people respond to globalization in many different aspects and degrees.

Discuss the effects of globalisation on economic growth and the quality of life in the Chinese economy.

Globalisation completely is not a new phenomenon in the present age. It is admitted that it has been playing a significant role in the economic development of many countries in the world as well as creating more opportunities for markets and a range of businesses to exchange their products and participate in the global competition. As a result, globalisation brings a huge benefit distributing to the economic growth all over the world, but it unfortunately contains some disadvantages that all countries should consider carefully when being a part of this process. This report’s aim is to give a clear definition of globalisation and explains it with an example. Particularly, Australia is an evidence of how globalisation impacts positively on its economic development and what it mainly harms for.

Globalisation is the growing economic interdependence among nations as reflected in increasing actual movements across nations of trade, investment, technology, finance and labour, with the capacity to move and the potential movement across the nations with those five elements. Australia has been involved in trade, investment, financial flows, technology transfers and the migration of labour since its foundation as a colony. The impact of globalisation has changed the structure of Australia’s trade, with considerable growth in manufacturing and service industries, with limited growth in the rural sector. The car manufacturing industry in Australia had high levels of protection in motor vehicles, with an effective rate of protection in

Globalization may be defined as the integration of the world 's people, firms and government. In the modern context, globalization is usually the result of closer ties in international trade, known as bilateral trade agreements. The WTO and NAFTA are two examples of such bilateral trade agreements. With such agreements, cross-country investment increases. This increase in investment is aided by the increase in information technology and communications, which has undergone a significant advancement over the last two decades with the rise of the Internet and mobile telephony (Green, 2013). It is important to the business to expand; global expansion and globalization would a positive business decision to complete in this process due to the strategic goals and objectives the company possesses. Healthy growth can be accomplished by globalization of specific areas selected and determined through research of market and development of these areas outlined within.

The Changes in Global Economy There are a number of aspects to globalisation that have led to the greater interconnection between economies; improvement in technology, communication and information flow, as well as increased trade, investment and capital flows. Improvements in transport have made it easier for people to live, study, travel and work abroad. As the effects of globalisation have increased, so has Australia’s integration with the world economy. Australia’s prosperity is more connected than ever to developments in the global economy. Our trade with the world is equivalent to 41 per cent of our GDP (Trade and Investment, Australia's Economic Diplomacy, 2017)

For an economy other Australia, discuss the effects of globalisation on economic growth and the quality of life.

Many United States products are not sold or distributed in other countries for various reasons such as bans and trade barriers. Amazon, for example, is the largest internet provider for goods and services in the world. But, many of its items are not readily available abroad. In India, the Amazon Dash which is a small device used to order items already pre-selected from Amazon is not available. Since Amazon is a worldwide producer of goods it should ultimately be offered for sale. India has flourished in the past couple of years through their economy and business ethics. Trade is more readily possible and their taxes have lowered due to economic changes in the years 2017-2018. Since their country is rich in culture and vast throughout, business is further possible, and current events have proven that.

Globalization is the integration of the worldwide economy in which resources and products move freely across the globe. Globalization has been present for decades however it has predominantly become a more frequent process and has potential good and bad effects on the world of business. Problems can include competition in manufacturing jobs and unemployment in industrialized countries. However, this can also be beneficial in other situations as globalization gives you a larger market trade will be cheaper so more countries can import and export goods which can bring in profits to multi-national corporations.

There has been an accompanying integration and fusion of national markets, in part through free trade zones such as NAFTA, and often reflected in the escalation of foreign direct investment, including in the less developed world. Reference should also be made to 'cross-border connectivity' - in other words, the development of new information technologies, and the accompanying new ways of buying and selling goods and services. b) Explain the factors that have led to the process of increased globalisation in recent years (40 marks)

Globalization can be defined as ‘international integration’, which can be described as the process by which the people of the world are unified into a single society and functioning together. This process is a combination of economic, technological, and political forces (dictionary.com).

When it comes to the advantages, globalization has touched all the three areas to some extent. For example, economically NAFTA, an organization between USA, Canada, and Mexico for free trade, has led to a creation of jobs in less developed countries. The creation of free trades has caused the prices of goods to lower and has increased trade and ideas. Also, multinational corporations such as Mcdonald's, Disney and more have made products to be found across the globe. When viewing the advantages politically, foreign policy has played a big role in which it builds relationships with other nations and stronger political and economic locations. Overall, foreign policy has helped keep country's safe, discourage war, benefit from natural resources from other nations, and maintain ideology. Examples such as the Iran Nuclear Deal in 2015, which told Iran to stop its nuclear program, shows how foreign policy has been positively affected. Nation's promoting nationalism and democracy has also been a positive effect politically. In addition, the use of international aids has helped countries like Haiti in need of relief effort. Finally, social interactions like the spread of language and culture, and global sports competitions have greatly impacted society in numerous ways. The spread of the English language due to the British colonization has now made English a dominant language, which makes communications easier than ever before. In addition, the spread of culture has influenced others across the world and has the people more open minded overall. On the other hand, global sports competitions such as the Olympics and World Cup