An Essay On Globalisation And China

1527 words - 6 pages

Discuss the impacts of globalisation on an economy other than Australia with relation to growth and development

Discuss the impacts of globalisation on an economy other than Australia with relation to growth and development

Globalisation refers to the development and deepening of world markets in capital, goods and services by the increasing occurrence of commercial exchanges across national borders. This increased integration between economies has had far-reaching effects in all nations of the global economy, as each economy embraces the global economy in which there is increasingly free movement of goods, capital, services, skills and innovations. Economies, in particular China, have experienced rapid growth and development as a result of their increased participation in the global market, although some developing economies have experienced negative impacts due to disparities in the distribution of wealth.

Globalisation has been made possible by increased technology, advanced communication networks, the growth of economic cooperation such as trading blocs (eg. NAFTA), and the movement towards free trade.

The major indicators of integration between economies include international trade flows, international financial flows, international investment flows and transfers of technology and the mobility of labour between nations.

By assessing the differences between nations growth and income and economic development, the impacts and inequalities of the breaking down of a nations boundaries can be seen. Economic growth is measured by increases in real Gross Domestic Product (GDP), while development is measured by examining changes in quality of life indicators.

Economic growth refers to an increase in real GDP over a specific time period, per capita GDP is the common measure of economic growth. Sources of growth include human resources, capital accumulation, technology, export increases and institutional factors.

Economic development is a broader concept than economic growth, that attempts to measure improvements in well-being and welfare of a nation, rather than just financial success. Economic development can be defined as broad measure of welfare in a nation which includes indicators such as health, education and environment quality as well as material living standards. There are three main quality of life indicators that have been formed to illustrate economic development. The first and most commonly used is the Human Development Index (HDI). This method involves a score between one to zero and was devised by the United Nations Development Program. It takes into account factors such as life expectancy, levels of educational attainment and purchasing power parity. Australia's current HDI is ….. The second measure is the World Bank Development Indicator (WBDI) which supplements factors that the HDI doesn't include such as alleviate poverty, traffic congestion and taxation. The third is the Measure of Economic...

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