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CONTEMPORY MANAGEMENT Examine the implications of globalization for Australian company and discuss whether Australia should become more integrated into the global economy Australia is an excellent object of research of globalization and its implications for business because its economic structure is at an unconventional 'mid-way' point. New market opportunities, competitive threats and opportunities equally have been the primary drivers of globalization since the 1980's. This essay analyzes many different topics to determine whether Australia should be integrated into the international economy. Discovering globalization and its major players is essential to the argument. Petrella's definition of the chief qualities of modern globalization is going to be utilized as a framework to examine and define the main changes which are a result of globalization. Through this procedure, the second portion of the newspaper is dedicated to assessing the benefits and disadvantages for Australian company in becoming more integrated into the global economy. A conclusion can subsequently be achieved to confirm that the viability of Australia's integration into the international economy isn't only valuable but also an essential progression. Globalization is defined by different academics based on the viewpoint they take. Keenoy and Kelly however most broadly define globalization as... The expansion of international trade and production to the extent that most forms of economic activity aren't just interlinked but also interdependent Globalization can also be defined through its characteristics. Petrella describes globalization as comprising of the following concepts: вЂћh Internationalization of financial markets вЂћh Internationalization of corporate strategies, in particular their commitment to competition as a source of wealth creation. вЂћh Diffusion of technology and related R&D and knowledge worldwide вЂћh Transformation of consumption patterns into cultured products with worldwide consumer markets вЂћh Internationalization of the regulatory capabilities of national societies into a global political economic system. вЂћh Diminished role of national governments in designing the rules for global governance The internationalization of financial markets is a direct result of globalization and vice versa. Four clear forces have contributed to this: market saturation, disintermediation, deregulation of financial mar.. .