Does anyone thing that we should know this stuff really well?? I know its in the syllabus, but do you think we should just know of it...or wat?
* Globalisation of:
o Markets: (finance/capital, labour, consumers) ��* the combining of once separate & distinct national markets in2 1 large global marketplace
o Production: the practice of many bus 2 purchase their inputs from around the globe as well as the tendency to manufacture components in low-cost locations
Growth of the global economy
* Aust companies forced 2 compete with foreign suppliers + attempting to sell their products overseas
* Changes in markets:
o Financial/capital: finance (capital) = more mobile & flows easily between countries
1980 – global foreign exchange trading was 10x the value of world trade
2005 total world foreign exchange trading was est. by the Bank of International Settlement – 2 be 85x the value of world trade & growing
o Labour markets:
Become less global in the last 60 yrs
Due 2 political barriers, the flow of ppl between countries is now more restricted than 1850-1900 (when waves of migration occurred)
2 trends in the labour market has resulted in the movement of workers:
1. movement of large no of temp migrant workers = important in Europe & Asia
2. growing demand 4 highly trained employees = increasingly mobile ppl
o Consumer markets:
1995-2005 = global trade in goods & services increased by 150%
Countries = cost savings by specializing in products they can produce efficiently ��*= cheaper prices on the world market
Improved tech & comm. = internet ��* Aus bus’ may reach must larger markets & take adv of economies of scale
Trends in global trade since World War 2
* Merchandise exports: domestically made products sold to customers in another country
* 1945-1960: ��* United States Domination of global trade
o End of WWII the US had an economy able 2 produce goods on a large scale
o US corps = main suppliers of inputs 4 the rest of the world’s manufacturers
o US brand names & consumer products became recognised around the world (US transnational corporations dominated global bus)
* 1960-1980: ��* Japan & Europe re-emerge
o End of 1950s Europe & Japan had largely rebuilt their industries
o Ready 2 recommence selling 2 the rest of the world
o There is a growing importance of service industries such as banking and transport
o Foreign investment is flowing to areas such as Australia and North Asia
* 1980s-present: ��* the global marketplace
o Large (TNCs) spread their international ops
o Immense growth in services & international financial dealings
o Reductions in trade barriers increasing in many areas
* Globalisation of:
o Markets: (finance/capital, labour, consumers) ��* the combining of once separate & distinct national markets in2 1 large global marketplace
o Production: the practice of many bus 2 purchase their inputs from around the globe as well as the tendency to manufacture components in low-cost locations
Growth of the global economy
* Aust companies forced 2 compete with foreign suppliers + attempting to sell their products overseas
* Changes in markets:
o Financial/capital: finance (capital) = more mobile & flows easily between countries
1980 – global foreign exchange trading was 10x the value of world trade
2005 total world foreign exchange trading was est. by the Bank of International Settlement – 2 be 85x the value of world trade & growing
o Labour markets:
Become less global in the last 60 yrs
Due 2 political barriers, the flow of ppl between countries is now more restricted than 1850-1900 (when waves of migration occurred)
2 trends in the labour market has resulted in the movement of workers:
1. movement of large no of temp migrant workers = important in Europe & Asia
2. growing demand 4 highly trained employees = increasingly mobile ppl
o Consumer markets:
1995-2005 = global trade in goods & services increased by 150%
Countries = cost savings by specializing in products they can produce efficiently ��*= cheaper prices on the world market
Improved tech & comm. = internet ��* Aus bus’ may reach must larger markets & take adv of economies of scale
Trends in global trade since World War 2
* Merchandise exports: domestically made products sold to customers in another country
* 1945-1960: ��* United States Domination of global trade
o End of WWII the US had an economy able 2 produce goods on a large scale
o US corps = main suppliers of inputs 4 the rest of the world’s manufacturers
o US brand names & consumer products became recognised around the world (US transnational corporations dominated global bus)
* 1960-1980: ��* Japan & Europe re-emerge
o End of 1950s Europe & Japan had largely rebuilt their industries
o Ready 2 recommence selling 2 the rest of the world
o There is a growing importance of service industries such as banking and transport
o Foreign investment is flowing to areas such as Australia and North Asia
* 1980s-present: ��* the global marketplace
o Large (TNCs) spread their international ops
o Immense growth in services & international financial dealings
o Reductions in trade barriers increasing in many areas