Globalization is a manifestation of a country’s economic life and no country can deny its significance. However, it has its own side effects on nations like Australia. Today in these times of COVID-19, people truly understand the dreadful impact of the recession better than ever before. The entire globe is going through financial crises and Australia is no more invincible to the damage coming their way.
Who governs this dynamic world of today? If you may ask, I’ll have to answer - Globalization! The world is now connected like never before, be it for trade, transportation, or communication. The world has become a small global village, which is quick, connected, and involved with each other. Globalization has been the strongest pillar behind the prosperity and wealth of Australia. Australia has been a great affordable expatriate for international students and immigrants. It is favored by globalization, well, for the most part. The MMGT8003 assessment comprises three tasks, which are individual essay, presentiation, and a case study report. If you’re looking to score good grades in your unit, Globalisation and value chain management, this blog will show you an approach used by experts for writing answers to the three parts.
Here are a few downsides of globalization in Australia that are considered to be threatening.
With Australia giving in to globalization day by day, and importing various manufactured goods and leading to less employment in the country. The country is outsourcing most of its manufacturing work and more and more people are losing their jobs. Jobs like manufacturing, accounting, programming, and more are being outsourced to developing countries like China and India.
It has also increased malpractices like exploitation of cheap workers. Workers are paid less and abused just to produce cheaper products and avail cheaper services.
Various countries are forced to reduce their prices because some countries such as China are mass producing cheap products. Australia is also not untouched with this imbalance and is left with not many options but to either import or be forced to sell their products at no profit or event at loss at times.
With globalization at the peak, the cultures are crossing their borders and reaching various places. The spread of various cultures in Australia is a thread to the rich home-culture of the country. The people of Australia are now snubbing their country’s value to match up with the other developed countries like the USA.
Despite the belief that globalization is a win-win for everyone, it is false to not consider that not everyone takes home the same prize. The benefits of globalization are distributed very haphazardly. Many industries that fail to match up to the international competence are severely affected and some may even die. Adjusting to open trade globalization is hard and can break down businesses.
Some of the major causes of globalization are as follows:
Communication has developed multi-folds now and the internet, emails, mobile phones, social media sites, broadcasting, etc have added a tremendous growth to globalization.
The way transportation has grown and now we can even transport the perishables with the right refrigerated vehicles. It is now easier to move goods and people to aid globalization.
The developed countries are now accepting and promoting free trading in inter and intra country tradings. Even the internationally renowned organizations are also promoting free trading.
Free Flow of Capital:
Just like goods, services, and people, now the capital also flows easily. There are international banks giving facilities like never before to make and receive payments led by globalization.
Here are some of the effects of the causes mentioned above:
Movement of labor and manufacturing:
Employees are moving to the countries paying more, and companies are moving to the employees charging less. Hence, creating an imbalance in the division of the workforce worldwide.
The companies are laying off employees because they can get the same work done for cheaper prices in the developing countries.
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Charles writes blogs and articles for students who are facing problems with their management assignments. His articles have been featured on several websites. He has contributed to the academic enhancement of students from the University of New South Wales, Central Queensland University, Edith Cowan University, etc. He joined the team of My Assignment Services as a consulting expert and now is a full-time academic help provider. His expertise in the field of management covers topics like leadership management, human resource management, business management and several others. His blogs focus on solving the most complex of the queries and simplifying the processes.
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