Globalisation of the world economy has significantly improved our living standards. However, there are growing concerns, particularly in developed countries like Australia, that increased globalisation and outsourcing has significantly undermined the survival of the manufacturing industry such as motor vehicle industry in developed countries like Australia. It is in this context, answer the following questions:
(a) Do you support the idea of globalising the Australian economy? Why. Why not? In writing your answer, wherever possible, back up your arguments with the theory, research articles or statistical evidence.
(b) Also, discuss who gains and losses from globalisation.
In answering these questions, you are expected to express your views in the broader prospective for both parts (a) and (b), and then discuss Australian experience and back it up with data and theory.
Word limit: About 1000 words