International Business - Essay Example

Inspite of these beneficiary effects, apprehensions have been elevated in Australia as well as most of the other developed countries regarding the impacts of freer global goods and services markets in respect to the trade and investment. The notion of economic globalisation has been a controversial aspect as observed by the current unrest at different World Trade Organisation (WTO) as well as World Economic Forum (WEF) conferences. The concern of the community with the notion of globalisation has not been inaccessible to the single aspect.

Nevertheless sub-groups have now been coordinating their conflict into the single group that has been becoming further efficient threat to the concept of globalization (Globalisation and the Western Australia Economy, 2002, p. 1). In the post World War I period globalization has become one of the most important global aspects (Gilpin and Gilpin, 2001, p. 366). This paper is aimed at examining the definition of economic globalization and the effects that it is driving in respect to the economy of Western Australia.

The research includes the evidence regarding the real effect of economic globalization, whether there have been any myths that must be dismissed and Western Australia’s position in the world economy. . 23). All of these aspects have been attributed to the notion of globalization. As well, a growing amount of ecological and environmental aspects have been related to the process of globalisation (Kouzmin and Hayne, 1999, p. 1). These aspects have incorporated depletion of ozone layer, the biodiversity loss, as well as increments in the level of greenhouse gases along with acid rain.

Several researchers, including Rodrik (2000) has heaved concerns that the notion of globalization has largely been utilized as the ‘catch-all’ slogan in the country and also within the community. This slogan has also created the consequence in it being responsible for different undesirable results. As a consequence it has been simplistic to scrutinize all the impacts outlined in different researches. It has been in effect important as it has been likely that such type of an advance would lead to blemished conclusions.

It has also been significant to recognize that the notion of “globalization is process-driven, and the merits of each of these processes should be evaluated separately – and not collectively under the banner ‘globalisation’” (Globalisation and the Western Australia Economy, 2002, p. 1). Globalization and Western Australian economy: Australia has recorded one of the most powerful levels of economic growth among all the developed nations during the 1990s. During this time the level of growth of per capita income of the country was averaging just below 3 per cent in each year.

Monetary and macroeconomic policies emphasized on keeping the rate of inflation low. These policies have generated a comparatively stable economic environment for investment as