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Globalization and Australia

Globalization and Australia. Alan Oxley Australian APEC Centre, Monash www.worldgrowth.org. Three aspects. The impact of globalization What is globalization Impact on Australia. What is the impact of globalization?. The wealth gap is narrowing.

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Globalization and Australia

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  1. Globalization and Australia Alan Oxley Australian APEC Centre, Monash www.worldgrowth.org

  2. Three aspects • The impact of globalization • What is globalization • Impact on Australia

  3. What is the impact of globalization?

  4. The wealth gap is narrowing • Gap between richest 20 percent and poorest 20 percent falls - from 15 to 1 in 1970 - to 13 to 1 in 1997 - i.e. by 10 percent

  5. Incidence of poverty is falling

  6. Quality of life improving

  7. Countries open to trade grow faster

  8. The evidence shows that the poorest people within countries share in the gains from national income growth. Generally, as a country ’s average income rises,the poorest share proportionately in those gains. More specifically,the poorest 20 per cent in an economy gain by the same percentage as the country does. And as a country ’s average income per person rises,the proportion of its population living in extreme poverty falls.

  9. What is Globalization? • Defining it • The drivers • The effects

  10. Defining globalization • An open economic system • Non-discrimination • Global brands • Global structures

  11. The Drivers • Cheap travel • Trade liberalization • Information technology • High technology

  12. Exports % share of world production

  13. Annual % Growth of trade and GDP1959 – 96

  14. US investment now more global Percentage of foreign stocks held by US investors

  15. Effects of globalization • On business • On work

  16. Effects of globalization on business • Cheap offshore production • Reduced transport costs • Virtual communication • Standardization of logistics • Global marketing

  17. Bigger and smaller • Greater scale in manufacturing - commodities are globally priced • Specialization in manufacturing • Globalization of specialist manufacturing

  18. New importance of Brands • Selling Fords like Coca Cola? - Ford sold its components business for $1.5 billion - That business, Visteon, supplied 22% of a new Ford vehicle - Ford spent $9 billion buying brands: Jaguar and Volvo

  19. Globalized business • Greater specialization of production - Hewlett Packard • More outsourcing – Soap and medicines • Greater increase in brand values- LG • New technology niches – steel mini mills

  20. Effects of globalization on work • Jobs in services rather than manufacturing • Workers provide services rather than “do a job” • End of “lifetime” employment • Individuals manage more of their own affairs

  21. A globalized world • Greater freedom of movement of goods, services, capital, people • Global citizens • The Information Age – has only just begun

  22. Australia and Globalization • How is Australia positioned? • Examples of globalized industries • The Future

  23. Australia: globalization’s child • Australia has grown on - trade - foreign investment - immigration - adaptation of technologyAustralia is the branch office model of development

  24. Australia’s position • Openness • IT/E readiness • Culture

  25. Australia’s openness • One of the most open economies in the world - average tariffs – 5 percent - open financial and telecoms - open to foreign investment

  26. Australia’s IT/Ereadiness Source: Economist Intelligence Unit

  27. Australia’s globalized economy • Global industries - mining and agriculture • Services – distribution, logistics, transport, financial services • Manufacturing – a new contender

  28. Manufacturing exports

  29. Globalized industries • Toyota - manufactures and exports a global car • Howe Leather – a tier one supplier to Ford • Rosemount/Southcorp – exporter & offshore producer • Westfield – real estate management

  30. The future • The information Age - computing power continues to expand exponentially - More global distribution of activity - Greater interconnectivity - Bigger organizations - Greater fragmentation - Greater personal freedom

  31. Australia ready to thrive • Globally oriented economy • High adaptation of IT • Workforce adjusting • Open society

  32. www.globalizationguide.org

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