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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

Globalization and Australia

Alan Oxley

Australian APEC Centre, Monash

www.worldgrowth.org

three aspects
Three aspects
  • The impact of globalization
  • What is globalization
  • Impact on Australia
the wealth gap is narrowing
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
slide8

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.

what is globalization
What is Globalization?
  • Defining it
  • The drivers
  • The effects
defining globalization
Defining globalization
  • An open economic system
  • Non-discrimination
  • Global brands
  • Global structures
the drivers
The Drivers
  • Cheap travel
  • Trade liberalization
  • Information technology
  • High technology
us investment now more global
US investment now more global

Percentage of foreign stocks held by US investors

effects of globalization
Effects of globalization
  • On business
  • On work
effects of globalization on business
Effects of globalization on business
  • Cheap offshore production
  • Reduced transport costs
  • Virtual communication
  • Standardization of logistics
  • Global marketing
bigger and smaller
Bigger and smaller
  • Greater scale in manufacturing - commodities are globally priced
  • Specialization in manufacturing
  • Globalization of specialist manufacturing
new importance of brands
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

globalized business
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
effects of globalization on work
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
a globalized world
A globalized world
  • Greater freedom of movement of goods, services, capital, people
  • Global citizens
  • The Information Age – has only just begun
australia and globalization
Australia and Globalization
  • How is Australia positioned?
  • Examples of globalized industries
  • The Future
australia globalization s child
Australia: globalization’s child
  • Australia has grown on - trade - foreign investment

- immigration - adaptation of technologyAustralia is the branch office model of development

australia s position
Australia’s position
  • Openness
  • IT/E readiness
  • Culture
australia s openness
Australia’s openness
  • One of the most open economies in the world - average tariffs – 5 percent - open financial and telecoms - open to foreign investment
australia s it ereadiness
Australia’s IT/Ereadiness

Source: Economist Intelligence Unit

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

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