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Geographic context, political and economic attributes and identify and examine the forces that hook Australia into the global ec - Research Paper Example

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Name Professor Course Date Australia in the Global Economy Studies reveal that Australia is one of the richest and most industrialized countries in the world. It is a capitalist state and has a GDP of approximately US$1.57 trillion. However, the overall wealth of the country is estimated to be $6.4 trillion…
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Geographic context, political and economic attributes and identify and examine the forces that hook Australia into the global ec
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Download file to see previous pages Most of the employment in the country takes place in the capital cities of the states. Moreover, the Australian Securities Exchange is ranked 9th in the world and it acts as the home of the largest commodity companies in the world such as Commonwealth Bank, Westpac Telstra and BHP Billiton. The country is also a member of WTO, G20, APEC and OECD. In addition, globalization has allowed the country to enter into free trade agreements with countries such as Thailand, US, Chile, New Zealand and ASEAN (Lowtax). Therefore, the advances that have been observed in the global economy have contributed to improved living standards and poverty reduction. Moreover, the economic integration among countries has played a vital role in terms of boosting the prosperity of nations. For example, the advances that have been observed in the global economy have allowed Australia to increase its domestic competition thereby improving its economic performance significantly. Moreover, Australia is competitive internationally since it is regarded as one of the largest importer of goods and services (Economy Watch). Therefore, this paper will discuss the geographical, economic and political attributes that have allowed Australia to participate in the global economy effectively. ...
The country has varied climatic conditions, incredible wildlife, beaches and fabulous landscapes which serve as tourist destination sites for people who visit from diverse countries around the world. It has a low plateau which are either deserts or semi-arid areas. It also has a fertile plateau in the south-east region. Moreover, it has large deposits of minerals which service the local and international markets. The mining industry serves as the main driving force of the economy (Beer). Therefore, the geographical context of Australia plays a vital role in terms of fostering the participation of Australia in the global economy. Political attributes Though Australia appears to be isolated, it is an active participant in world politics. The political links of Australia are mostly favored by its geographical location as well as the priorities that its sets with regard to trade and foreign policies. For example, Australia is seen to be facing challenges in the near future. In this case, it is feared that the performance of the global economy may deteriorate. Australia also plays a vital role by impacting on the trends that are being realized in the international business environment. For example, the foreign policies in Australia impact on globalization and the transactions that are carried out internationally (Red Apple Education Ltd). The priority areas of Australia include the US and Asia-Pacific countries such as China and Japan. Australia is linked with other countries politically because of the viability of its international treaties, investment agreements, foreign affairs, trade agreements and defense treaties. Therefore, it is evident that Australia is a major player with regard to influencing the manner in which international business activities are ...Download file to see next pages Read More
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