CONTEMPORY MANAGEMENT Essay -- essays research papers

CONTEMPORY MANAGEMENTExamine the implications of globoseization for Australian business and dispute whether Australia should become more integrate into the orbicular economyAustralia is an excellent object glass of study of globalization and its implications for business as its economical structure is at an unusual mid-way point. New market opportunities, competitive threats and opportunities alike have been the attain 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. Defining globalization and its major players is crucial to the argument. Petrellas description of the main characteristics of contemporary globalization will be used as a framework to analyze and define the main changes that be a upshot of globalization. Through this process, the second part of the paper is devoted to analyzing the advantages and disadvantages for Australian business in becom ing more integrated into the global economy. A conclusion can 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 rack they take. Keenoy and Kelly however most broadly define globalization as . . .The intricacy of international parcel out and production to the extent that most forms of economic action 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 corporal strategies, in particular their loading to competition as a showtime of wealth creation.h Diffusion of technology and related R&D and knowledge ecumenicalh Transformation of consumption patterns into cultured products with worldwide consumer marketsh Internati onalization of the regulatory capabilities of national societies into a global political economic system.h Diminished role of national governments in excogitation the rules for global governanceThe internationalization of financial markets is a direct result of globalization and vice versa. Four clear forces have 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 compromising position of becoming exposed to environsal risks of the world. These factors also open multitudinous opportunities to Australian businesses. Trading on a global basis allows bigger 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 thinking of man agers and their 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 place have changed with shifts in power towards large organizations. on that point 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.