well see i remember this question like 100 times in economics in highschool
discuss the impact of globalisation on the Australian economy
- see now heaps of people would go oh globalisation does
-int convergence
- economic growth
- trade, investment
-inequality
- environment
-role of financial mkts
- int business cycle
- gov eco policies
- thats fine but then they miss the little links that get u extra marks
see now i always answered that question a different way and still got top marks for it
- i would say well globalisation has caused australia to change the following policys
- trade bilateral, multilateral
- industry assistance
- convergence of markets - international business cycle
then id list all the stuff from 16.3 and make links
- like australia has benefited from the microeconomic reform (even though the syllabus doesnt count trade liberalisation as microeconomic reform) of its industries via removing trade barries
- this has promoted allocative, dynamic and technical efficiancy
um the effect has of better resource allocation has meant that australia has met a rate of full employment because only forms of unemployment are structural, seasonal, and frictional
- has also resulted in an increase in living standards because yeah we get more imports, or export more (real incomes rise)
- exchange rate policy has become effected, linking that with monetary policy
i'll have a think about how to do that
oh and back to the removal of trade and promoting of industry...throw in a couple of examples e.g. manufacturing
- then you can go trade performance measured in our Balance of Payments and the Current Account
- you could compare macro policies--> or say that a lot of countries adopt similar monetary policy of interest rate targeting
obviously, i have talked about what i listed at the start and said i didnt like, but what i dont like is thinking of it like that, i would rather you look at
- unemployment
- inflation
- economic growth
- external stability
- macro policy
and how improving aus trade performance changes those items. because i think thats what ur going to get asked on anyways
you can really make up a lot of stuff to do with how improving australia's trade performance links with economics
thats just a bit off the top of my head
