...natural resources that our population of 20 million people cannot use, therefore we sell the surplus to other countries that have a demand for the resources, giving us a world market of over 6.5 billion people. Australia's main exports have come from our primary industry, that is, raw materials such as minerals and produce. Our primary industry accounts for approximately 50 percent of our exports and includes coal, uranium, and iron ore as well as other minerals; cereal, such as wheat and rice; and meat and animal products, such as beef and wool. The other 50 percent of our exports are secondary goods and tertiary services. Secondary goods are those that have been processed or manufactured, such as machinery and food products, while tertiary exports are services, including education and tourism. See image 2 Australia imports a number of primary, secondary and tertiary products and services. Crude petroleum makes up the bulk of the primary imports, while computers and cars make up the majority of the secondary goods we import. Most of our tertiary imports are travel-related, including travel, transportation and insurance. See image 3 Importation has negatively affected some local industries. The hardest hit industries are secondary, such as manufacturing, because the cost of labour in Australia is quite high due to our higher standard of living compared to other countries. Footwear manufacturer Blundstone, for example, which has been based in Tasmania since the 1870s, announced...
Words: 1813 - Pages: 8
...well as negative effects to the world. This essay will examine how the outcomes of globalisation play a part in developed and developing countries and their impacts on Singapore. Technology can be described as a crucial factor for most globalisation processes. Technological advancements have brought about convenience and the world closer. A study by Martin Prosperity Institute (2011) ranked the top ten countries in terms of their investment in research and development and the majority are developed countries. There is heavy emphasis on research in the development of technology because of the enormous potential of economic growth by the possible improved efficiency and productivity in manufacturing processes. Nevertheless in developing countries, they look to immediate technology in order to combat poverty. Using science and technology, developing countries can accelerate the growth of fields such as medicine, electronics and farming techniques and these advances reduce poverty and human suffering (United Nations, 2005). However, technology does not necessarily benefit both developed and developing countries. Globalisation could result in the digital divide and this happens in all countries regardless if they are developed or developing. Those who have the financial ability will be wired and connected to the world compared to those who do not have the financial means to do so. This would beget a gap of knowledge and skills that can be gained from networking with the world and it...
Words: 985 - Pages: 4
...economy other than Australia analyze the influence of globalisation on that economic development and standard of living. This document is about how china has been transformed by globalization. The impact of globalization as well. Globalisation is breakdown of manmade and natural barriers. It encourages integration and interdependence through the movement of labour, investment, finance, transnational corporation and trade. The emergence of countries is leading to global market place or single world market. Globalisation is ongoing since 1980s.This is resulting in one global market. Globalisation helps firms grow as investments are quickly managed. This is due to improvement in telecommunication between nations. This has allowed investors to invest overseas. It also caused an increase in international investment, which helped spread new ideas. Financial flow is a flow of money around the world it is increasing rapidly because of financial deregulation. Finance and technology move freely between nations while free movement of labour is stretched way off. The last few decades have been centred on removal of all trade barriers. The goal is not free trade but it is freer trade. Through the reduction in barriers it is improved in transportation system. The integration between nations has caused to problems such the GFC, Asian crisis and Euro crisis. Over the past labour markets have been increasingly integrated. The free movement of labour is important part of globalisation, as...
Words: 1831 - Pages: 8
...increasing level of economic integration between countries, leading to the emergence of a global market place or a single world market. Globalisation has played an important part in the economic development of countries around the world but has also led to increased damage to the environment. To illustrate this, India and Australia will be used as examples. India's economic development strategies built up a number of problems over the period 1965 to the late 1980s. A key problem was declining investment expenditure from an average growth of 5% to 3.7% over the course of two decades and the fact that the government sector was spending much more than it taxed. In response to this, the Indian government of Narasimha Rao in 1991 introduced significant reforms in the Indian economic system by following globalisation trends across the world and making India a more active participant in the global economy. India began to move away from 'self-reliance' as it liberalised its protection policies e.g. reducing tariffs. India became more involved in global capital markets which brought in funding and capital as well as intellectual knowledge. India's currency was floated in 1991 which resulted in significant depreciation of the rupee (approximately 20%). This made its exports more competitive, provided cheaper labour for foreign companies and encouraged foreign investment. INSERT FLOATING CURRENCY GRAPHS Since 2000 the Indian economy achieved higher rates of economic growth than those of the...
Words: 1089 - Pages: 5
...borders. The same process that brought globalisation of legitimate activities has also brought the spread of transnational organised crime. Globalisation creates new opportunities for crime and new means of committing crime, for example cyber crime. Manuel Castells (1998) argues because of globalisation there is a globalised criminal economy worth £1 trillion. This takes a number of forms such as arms dealing, human trafficking, green crime and many others. The global criminal economy has both a demand and supply side. A reason for scale of transnational organised crime is demand from the rich west. However the global criminal economy couldn’t survive without a supply side that provides the source for demands of the west, such as drugs and prostitutes. This supply is linked to the globalisation process. For example third world drug producing countries such as Columbia have large populations of impoverished peasants. For them drug investment is attractive; it’s simple to produce and commands high prices. In Columbia, 20% of peasants rely on cocaine production for their livelihood; cocaine out sells all other exports. Thus to understand drug crime we cannot focus only on countries where drugs are consumed. Globalisation creates new insecurities and produces a new mentality of risk consciousness where risk is global rather than isolated. For example rise in economic migrants has led to concerns of risk of disorder and...
Words: 3642 - Pages: 15
...should be pursued while recognising and addressing the costs. Globalisation takes various forms, yet defined here within the economic scope due to its strong contemporary prominence and impact. Economic globalisation entails the interactions and interdependence of global markets, due to increased mobility of goods, services, capital and communications. Globalisation is driven by many factors, including technological advancements and deliberate neo-liberalist policy. It is not a new phenomenon, yet contemporary globalisation differs dramatically in scale, penetrating more people and remote areas than ever before. Globalisation has many benefits such as economic growth and poverty reduction, yet on a domestic scale economies must be allowed to adapt, and the global economy must be managed on an international scale. Economic interdependence and advances leads to a safer, more democratic world. The forces of globalisation have been set in motion and are not able to be reversed, hence the world must recognise globalisation as inevitable, and work to reap the benefits. Globalisation is an encompassing term, taking various forms that describing the vast social, economic, cultural and political changes that arise due to interaction and integration of people, institutions and governments of different states. Due to contemporary impact, globalisation here is defined within the scope of economic globalisation, it is a process driven by an international financial system of trade and investment...
Words: 2343 - Pages: 10
...society from industrialisation towards an information-based society. It reflects the effect on culture and brings about a new form of cultural imperialism. The rise of new cultural imperialism is shaping children, the future citizens of the world into ‘global citizens’, intelligent people with a broad range of skills and knowledge to apply to a competitive, information based society. Globalisation and technological advancements are delivering and increasing access to the world and subsequently subjects should reflect this global outlook. The internationalisation of higher education can be linked to various internal and external changes in the international system. Externally, there have been changes in the labour market, which have resulted in calls for more knowledge and skilled workers, and workers with deeper understandings of languages, cultures and business methods all over the world. Education is becoming more invaluable to individuals. In today's environment, education provides individuals with a better chance of employment, which in turn leads to a better lifestyle, power and status. The commodification of knowledge as intellectual property has occurred particularly with regard to connecting the intellectual work of universities with community, business, and government interests and priorities. While such...
Words: 3242 - Pages: 13
...GLOBALISATION AND HIGHER EDUCATION DEVELOPMENT: A CRITICAL ANALYSIS RUI YANG Abstract – This article sets out to analyse critically the nature of globalisation and how it is affecting higher education. The author first reviews the nature of globalisation, and then examines its international impact on higher education development. He contends that globalisation is predominantly economic, and points out that global exchanges in the economic, cultural and educational domains continue to be unequal. At the same time, education is increasingly treated as a business. By exposing the negative side of globalisation and its effects on universities, the author aims to counter the uncritical acceptance of globalisation as a positive force for higher education and society as a whole. Zusammenfassung – Ziel dieses Artikels ist eine kritische Analyse der Natur der Globalisierung und ihrer Auswirkungen auf die höhere Bildung. Der Autor beginnt mit einem Rückblick auf die Eigenheiten der Globalisierung und untersucht dann ihren internationalen Einfluss auf die Entwicklung der höheren Bildung. Er behauptet, dass Globalisierung vorherrschend wirtschaftlicher Art sei und weist darauf hin, dass ein globaler Austausch in wirtschaftlicher, kultureller und erzieherischer Hinsicht ungleich bleibt. Gleichzeitig wird Bildung immer mehr als eine Art Geschäft behandelt. Indem der Autor die negative Seite der Globalisierung herausstellt sowie ihre Auswirkung auf die Universitäten, will er der unkritischen...
Words: 9997 - Pages: 40
...Transportation & Logistics Transportation & Logistics 2030 Volume 1: How will supply chains evolve in an energy-constrained, low-carbon world? PricewaterhouseCoopers 1 Acknowledgements The editorial board of this issue of our Transportation & Logistics 2030 series consisted of the following individuals: PricewaterhouseCoopers European Business School Supply Chain Management Institute Dr. Heiko von der Gracht +49 611 3601 8800 vdgracht@supplyinstitute.org Tobias Gnatzy +49 611 3601 8800 gnatzy@supplyinstitute.org Prof. Dr. Inga-Lena Darkow +49 611 3601 8800 darkow@supplyinstitute.org Klaus-Dieter Ruske +49 211 981 2877 klaus-dieter.ruske@de.pwc.com Dr. Peter Kauschke +49 211 981 2167 peter.kauschke@de.pwc.com Julia Reuter +49 211 981 2095 julia.reuter@de.pwc.com Dr. Elizabeth Montgomery +49 89 5790 5159 elizabeth.montgomery@de.pwc.com We would like to thank the panellists who took part in the Delphi survey that underpins this report. For confidentiality reasons their names will not be mentioned. Special thanks go to Tom Gorman, CEO of CHEP EMEA and Harry Hohmeister, CEO of Swiss International Air Lines, who took the time to share their thoughts and insights with us. Finally, we would like to express our appreciation for the expertise provided by the below listed individuals: Jenny Bailey, Andreas Baur, Nicholas Bell, Thomas Brüderlin, Giorgio Elefante, Richard Gane, Martha Elena Gonzalez, Susanne Klages, Christian Knechtel, Socrates LeptosBourgi, Alexander...
Words: 28154 - Pages: 113
...Solution Manual to accompany Accounting: Business Reporting for Decision Making 4e Jacqueline Birt, Keryn Chalmers, Suzanne Byrne, Albie Brooks & Judy Oliver Prepared by Jacqueline Birt John Wiley & Sons Australia, Ltd 2012 Chapter 1: Introduction to accounting Comprehension Questions 1.1 What is a business transaction and how does it relate to the accounting process? Illustrate the concept of a business transaction with five examples relating to a mobile phone distributor. A business transaction can be defined as external exchanges of resources between the entity and another entity or individual that affects the assets, liabilities and owners’ equity items in an entity. The accounting process is the identifying, measuring and communicating of economic information about an entity to a variety of users for decision-making purposes. The first component of the process is the identification of business transactions which are then measured and communicated to the different users of financial reports. Business transactions for a mobile phone distributor include the following: 1. The contribution of capital by the owner to commence the business. This transaction would increase cash (asset) and increase capital (equity). 2. The purchase of inventory (mobile phones) on credit. This transaction would increase inventory (asset) and increase creditor (liability). 3. The payment of office rent. This transaction would decrease cash (asset) and decrease...
Words: 6754 - Pages: 28
...case study, it is clear that there are a number of drawbacks to globalisation. Hill (2014), describes globalisation as the merging of historically distinct and separate national markets into one huge ‘global marketplace’. Firstly, the case study argues that globalisation has had detrimental effects on the natural environment. An increase in transport between countries due to international trade has resulted in increased CO2 emissions. Huwart et al (2013) argues that the aeroplane has been the main mode of transport to characterise globalisation, seeing an increase in greenhouse gas emissions by 86% between 1990 and 2004 due to aviation. However, globalisation is not only effecting the natural environment, it’s also using up it’s finite resources more quickly. For example, China joined the world trade organisation in December 2001. By 2008, it’s coal use had doubled (Tverberg, 2013). The next drawbacks according to the case study are: local job losses (leading to devastation in local economies), exploited workers in LEDC’s and child labour. Globalisation transfers jobs from developed countries to less developed countries – known as offshoring. Cavusgil et al (2013:76) defines offshoring as “the relocation of manufacturing and other value-chain activities to cost effective locations abroad.” E.g. In the US, the % of US citizens with jobs began to drop around roughly the same time China joined the WTO in 2001. One of the main arguments against child labour is that it prevents...
Words: 2836 - Pages: 12
...With our world becoming more and more dependent on the decisions we make that effect our environment around us, it’s our job to maintain and innovate new ideas to sustain environmental health. The principal impediment to a sustainable society is our internal wiring. Put simply, humans evolved in an environment of scarcity and our brains are poorly adapted to restrain our appetites in a climate of abundance even when our ‘executive’ brain warns us that our civilization has overextended the limits of the biosphere. The human mind is not used to dealing with novel global environmental threats such as pollution, plastic, chemicals, nuclear waste and greenhouse gases, because for millions of years these problems were not around. As citizens of the world, each of us is responsible for the health of our planet. Our choices and our actions contribute to the well-being or deterioration of the environment. ? While some countries have chosen to develop national-level strategies, Canada’s federal system of governance required an approach that acknowledged that many of the levers for promoting sustainable development are controlled by different levels of governments (e.g. municipalities, provinces, and territories). The FSDA (Federal Sustainable Development Act) articulates the Government of Canada’s long-term vision, goals, and targets, including its plans for reducing the federal government’s environmental footprint. Environmental sustainability and economic development can be considered...
Words: 3986 - Pages: 16
...BUS00747 Contemporary Trends in the Business Environment ‘Globalisation has wrought fundamental changes in the global economy and it is evident that the effects of globalisation are more positive than negative’ Assignment 1 Tutor: Robert Waldersee Author: Catherine Whitaker Student No: 211664327 Address: 7/59 Howard St Randwick 2031 Introduction What is Globalisation? Dutch academic Ruud Lubbers, on his website http://globalize.kub.nl/ defines globalisation as: … a process in which geographic distance becomes a factor of diminishing importance in the establishment and maintenance of cross border economic, political and socio cultural relations. Ruud’s definition draws attention to the following main points: • globalisation involves processes that transcend geographic and national boundaries, • these processes are of an economic nature, • there are political implications and considerations, and • socio cultural factors are also impacted. The issue of Globalisation has become a contentious one in recent years. Note the violent demonstrations in Seattle in 1999 and subsequent demonstrations by anti-globalisation groups such as S11. However there are many advocates of globalisation who support the ideals of free trade and free moving economies whose fate is left to market forces. The purpose of this paper is to examine some of the main issues associated with Globalisation...
Words: 2371 - Pages: 10
...Trade is the only way a country can develop. To what extent do you agree with this statement? Trade involves the transfer of the ownership of goods or services from one person or entity to another in exchange for other goods or services or for money. Trade is seen by many as a way to promote economic and development, with the future aim of increasing the Human Development Index (HDI- composite statistic of life expectancy, education, and income, indices used to rank countries into four tiers of human development) and thus moving further along the development continuum. With expert leg-growth has been the main approach to development, trade may not be the only panacea for development. Other approaches to development such as aid and political avenues also have to be explored. However, the main process to development is industrialisation (manufactured goods create more income than raw materials/primary products) with this we see countries moving through the Clark Fisher model; moving from primary through to tertiary sectors. This increased revenue would promote wealth and improving living standards. In turn, this would make way for the 'trickling down' effect, the increased wealth means surplus money would be available for new industry to be established. Furthermore, this surplus of money may be reinvested into vital infrastructure and increasing the indices needed to value the HDI. Exploring and analysing approaches to development will form the basis of my conclusion. Over...
Words: 2340 - Pages: 10
...with ISO9001:2000, HACCP and BRC. The laboratory of the company which is used for testing and controlling the quality of the products has been certified with ELOT-EN-ISO/IEC 17025:2005. The company has new and modern installations that are situated in Aeghio/Peloponese, 3 kilometers from the national highway and 166 kilometers from the port of Piraeus. The premises have been built according to the highest and strictest technological standards which guaranty the supplied quality and safety of the products that the company handles. Product Analysis Greek black dried grapes of the Black Corinth variety, also known as currants, are one of the products with the largest demand in world markets today. Raisins are distinguished between currants and sultana raisins which are widely produced in countries like USA, Turkey, Iran and Chile. Greece is responsible for the 80% of the total world production of currants. The remaining 20% of the total production is held by Australia, South Africa and USA/California. The Vostizza variety of currants are produced in Peloponnese and in the greater area of Aeghion and they have a high nutrition value, including protein, calcium, iron, potassium and sodium which makes them a...
Words: 1978 - Pages: 8
