Comparative Economies Of Japan, Australia And Russia

1252 words - 5 pages

SynopsisI have elected to research the countries Japan, Russia and Australia for this assignment as the economies offer a major contrast when compared to each other. For example, Japan is the world’s third largest economy and had maintained a highly technologically advanced and developed manufacturing industry. Russia is undergoing major change as it undergoes major economic reform and adjustment in a planned economic framework, and Australia as it is a relatively small and isolated player in international economic markets; yet has demonstrated great resilience and agility in the current financial crisis. Importantly, while the current economic crisis has served to highlight points of economic difference, it has also highlighted similarities and how they respond to different stimuli.Economic GrowthThe following graph demonstrates economic statistics for each country and is useful in assisting an understanding of what is happening in each economy. The comparative analysis highlights differences in labour and unemployment while providing a clear indicator of capacity.TABLE 1JAPANAUSTRALIARUSSIAGDP (Gross Domestic Product)$US4.487trillion$US 824.9billion$US 2.225trillionLabour Force66.15million11.21million75.7millionUnemployment Rate4.2%4.5%6.2%Public Dept170.4% of GDP15.4% of GDP6.8% of GDPGDP – Per Capita$US35,300$US15,800$US39,300Labour force – by SectorAgriculture: 4.4%Industry: 27.9%Services: 66.4%Agriculture: 3.6%Industry: 21.1%Services: 75%Agriculture: 10.2%Industry: 27.4%Services: 62.4%HDI0.9560.9650.806Information sourced from the CIA Fact bookEconomic Growth and Sources of Growth over TimeAustraliaAustralia is a fortunate and strikingly stable market economy, despite current economic circumstances. Australia’s economy has been accelerating forward over the last 17 years due largely to a strong resources boom and increasing international market share. This has resulted in significant economic growth with low inflation, a strong housing market, major fiscal and tax reform, and generally strong export markets for most raw materials – all of which has directly contributed to a sustained GCP. Unfortunately for Australia, as the current economic crisis worsens, the economic problems are exacerbated by these same factors, such as a strong dependence on markets in China (the main purchaser of Australia’s minerals) and generally reducing resource markets.RussiaRussia’s economy has undergone dramatic structural reform from its roots as a planned economy. Its dependence on oil in particular is shifting opportunities to a mixed market economy. Russia has had a steady period of economic growth over the past 10 years averaging seven percent per annum. Although Russia has maintained steadily increasing growth over the last ten years, due largely to the benefits from oil, its failure to redirect these same funds back into infrastructure, health and educations and seen many advantages from this sustained period of growth...

Find Another Essay On Comparative Economies of Japan, Australia and Russia

Comparison of the Government of Japan and Australia Legislative System

856 words - 3 pages Untitled Comparison of the Legislative System of Australia and Japan. Japan's Legislature is called the National Diet of Japan. Similar to the Australian system of parliament, it is a bicameral legislature. In Japan, it is composed of the House of Representatives and the House of Councillors (Also known as House of Chancellors). The House of Representatives acts as the lower house and the House of Councillors acts as the upper

Cultural Comparison of Australia and Japan using the Automobile industry

2031 words - 8 pages organizational culture are Nationality, Employee demographics, Structure and control system of the firm & industry and market factors (Hodgetts, 2006). The cultural difference between Japan and Australia thus will be discussed. After the points of conflict have been identified and the report concluded, a set of recommendations will follow.Australian and Japanese Cultures - An analysisJapanese has its own unique culture which has been a source of national

Role Of Government In Mixed Economies Such As Australia

1590 words - 6 pages Role of Government in Mixed Economies Such As Australia What role do governments have in modern mixed economies such as Australia? Using appropriate indicators (macro economic aggregates) outline the present state of the economy. In what ways is the Commonwealth government using fiscal and monetary policies to influence the Australian economy? What are the main features of the government's micro economic policy? Why is the government concerned

Economies of Spain and Germany

3392 words - 14 pages Economies of Spain and Germany Economy of Germany Germany’s Economic System the Federal Republic of Germany’s economy has now flourished despite its harsh times that have been faced throughout the decades. Most people know about Germany from its historic involvement in World War II; its successful campaign to unite East and West with the successful collapse of the Berlin Wall; and its world class development and production of

Economics, market economies, government in economies, comparison of different economies. Pretty good detail, includes relevant 2004 examples... mostly about Australia but relevant to anyone

1897 words - 8 pages economy and assess the performance of it, we must study it in its global context.OECD- Organisation for Economic Cooperation and Development.Size of the economy and economic growth;Australia is a relatively small economy, only just in top 20, mainly due to pop.National output is ahead of geographic neighbours (Indonesia, NZ) but behind other countries (Japan, US, China, many countries in Europe)GDP- gross domestic product, GDP per capita = GDP divided

A comparative advantage of US food products in Japan

745 words - 3 pages Japanese consumer to purchase Japanese items.The reason for the large volume of exporting to Japan is due to United State's comparative advantages. Food products are very expensive to produce in Japan. Japan's current labor shortage, combined with import restrictions and domestic price stabilization programs, have driven up domestic production costs.The Japanese food consumption pattern consist of an openness to foreign products and a strong

An Analysis of Russia and Why Do Business in Russia

1614 words - 6 pages The state of corruption in Russia today can be largely explained by the trends which already existed long ago and by the transitional stage which was accompanied, as happened in other countries in the same situation, by the growth of corruption. The most important factors pre-determining the growth of corruption and rooted in the country's history are: (1) a sudden transition to the new economic system not supported by the necessary legal base

Effect of Trade and Investment Liberalisation on Individual Economies

1684 words - 7 pages economic growth, which is lessening the world inequality gap. Increased trade liberalisation is a beneficial by product of globalisation because of the fact that it encourages specialisation amongst economies. This undoubtedly leads to greater productivity and efficiency, which is instrumental in stimulating economic growth. Specialisation works by allowing nations to exploit their comparative advantage[2]. It will devote

Risk Analysis - economies of Central and South America

2157 words - 9 pages The economies of Central and South America offer attractive business opportunities. However, these are accompanied by a set of risks, which businesses need to understand and manage effectively. In this paper we will discuss a business risk analysis of MBS Inc in the Venezuelan market.Taxation and Double Taxation Risks.The accounting standards adopted by The Republic of Venezuela coincide with International Accounting Standards (USDT, 2004). MBS

Globalization and strategic interests of Russia

5515 words - 22 pages a rigid international competition. From this point of view of the European countries are the most perspective for Russia partners as for acquisition of the newest equipment, and loan by the Russian companies of administrative knowledge, use of experience of commercial activity in the international markets. It is not out of place to remind that the west countries have surpassed the USA and Japan in a foreign trade turnover total volume, keeping

Russia and the underlying causes of homophobia

662 words - 3 pages Russia and the Underlying Causes of Homophobia Although homophobia exists in nearly all societies, Russia has recently gained notoriety for its intolerance of homosexual behavior. In a world that is becoming more and more accepting and tolerant of homosexuality, Russia seems to be moving backward when it comes to LGBTQ rights. Understandably, Russia’s tumultuous political past must be a strong contributor to today’s attitudes towards

Similar Essays

Comparison Of Japan And Russia Essay

3223 words - 13 pages breakdown youth had nothing to do and it caused a huge problem for the Russian society. With comparison to Japan the ratio of juvenile delinquency is on rise in Russia. (Orlov 4-7)SummaryRichard j, A Survey for anyone interested in learning about criminal justice systems, especially the justice systems of other countries,. Overall, the text of Richard j book is successfully illustrates the importance of a comparative study of the English

Russia And Japan War Essay

1422 words - 6 pages The people of Russia were very unhappy with the Russian government during 1907. They were especially mad with the Tsar, Nicholas II. How ever, the corrupted government was not the only reason why the Russian civilization rebelled against their own country and government. Other events such as the war between Russia and Japan (Russo- Japanese War), the massacre of poor workers in front of the Winters Palace in St. Petersburg Palace (Bloody Sunday

Industrialization: Japan And Russia. The Rise And Emergence Of Japan And Russia As Major Industrial Nations

1205 words - 5 pages industrialization willingly, or become consumed by it. This apprehension gave a rebirth to two nations who would soon find themselves as major players on the global stage; Russia and Japan. Yet how these countries would industrialize, however, would take very different paths and diverse methods. Japan is a country of small land mass and for that reason is obviously more united and closely knit. Russia, however, is massive in size which would indubitably withhold

Japan And The United Kingdom’s Economies

545 words - 2 pages Although Japan and the United Kingdom possess certain economic similarities, over the last forty years Japan has advanced its economy further and faster than that of the United Kingdom. This rapid economic advancement can be attributed to two factors: foreign direct investment in Japan by the U.S, and an advancement of technological competence. At the end of World War II, the Japanese economy was devastated- as was the rest of Europe and