International Business Strategy and Economic Globalization
Although Australia is the world's smallest continent, it is the sixth largest nation and home to 23 million inhabitants says the Australian Bureau of Statistics (2013). Contemporary Australian culture is as diverse as its denizens. With so many different backgrounds, it makes sense that its workforce would be one of the most diverse worldwide, and the most diverse in the Asian-Pacific.
Economic globalization has become a major factor. Human interest in science and technology has made major changes to the way we live our lives and has increased our economic possibilities. In many ways, the world has become a smaller place. Information technology has redefined the way we communicate, eradicating the constraints of geography and time. Because of these innovations, the present day world is becoming less dissimilar regardless of its many cultures, social structures, languages, etc
With all of this innovation, financial systems cannot afford to fall behind. The concept of global economy emerged with the boom in information and technology, and it is said to be a poignant issue in bringing about a worldwide alteration. Economic globalization is a side effect of a progressively growing interdependence of the world’s varied financial systems, which is assisted by international business-trade and commercial activity. This then causes local markets to lose volume or be incorporated into the global market.
Australia and International business
Where financial details are concerned, Australia has a strong and productive economy. Australia is rich in natural materials, including iron ore, copper, gold, silver, copper, diamond, uranium, and much more. The mining industry is among the country’s most vital industries and top contributors to their economy. The living standards are higher than that in Europe and America. People spending money and this is what protects the economy from the increasing uncertainty of financial globalization.
Manufacturing still has some improvements to make before becoming self-satisfactory. And with this in mind, globalization of wealth is making importing a profitable option. The European Union, the United States, China and Japan are the main importers of Australian made products. Part of our Country’s international business strategy relies on importing. A long list of various merchandise including cars, computer parts, domestic appliances, etc. I believe healthy balance of import and export is crucial for a strong economy.
Globalization has helped Australia keep its promise to create an adept infrastructure and a competent workforce. Recently, Australia has been strengthening its grip on information and communications technology and making advances in improving human assets development. The Organization for Economic Cooperation (OECD) has recognized Australia as one of six prominent trading players in the global economy.