Contemporary Social Issues



Table of Contents

Introduction1

Discussion1

Globalisation1

History3

Globalisation in the 21st Century4

Globalisation in Australia5

Pros and Cons of Globalisation7

Conclusion7

References9

Contemporary Social Issues

Introduction

Globalisation is a multifaceted, versatile and complex ongoing process which has lead to a greater independence among countries and their citizens. A lot of troubles and problems which are an outcome of the globalization are real and factual. Some of these problems are related to the economics field and some are connected with social issues which are also of great importance. Various problems including these issues are impeding the process of global integration (Fischer, 2001, p. 3). In some opinions, globalisation has drastically and significantly amplified the inequality and discrimination within and in between the nations; in addition it has marginalized the poor in the developing countries and left behind the poorest countries. However, the other side of opinions is that globalisation can benefit the poor and weaker and can reduce inequality in poor countries. Supporting the idea, many believe that globalization can benefit the least educated workers in the poorest countries of developing world (Kremer, et al., 2006, p. 2). The outcomes of globalisation in Australia are also positive as well as negative. In some manners, it has lead the country to development and in some extent an inequality is developing among the country. However, the importance of globalisation cannot be overlooked as it has more positive aspects than negative ones.

Discussion

Globalisation

Globalisation is defined as integration in three markets between different countries of the world. These three markets are Commodity, Labour and Capital markets. The capital market includes the cause and reason of trade, the impact of trade and the policies of trade related to political determinants. The labour market consists of demographic and economic conditions that are considered in source and destination of open and free migrating. The capital market also consider the same points with reasons of global capital market integration and causes likes contagion in markets due to this integration (Bordo, et al., 2003, p. 1-2). Globalisation can be defined generally by the integration and spread of people, finance, goods and materials, culture and knowledge across the globe. All of these aspects and attributes of globalisation has developed and advanced since the start of civilisation. The growth and speed of these advancements are in accordance with the available technologies for communication and transport. Due to the advancement in the technology by the rapid acceleration of microchips and the effective efficiency of container shipping, attention has been drawn on the benefits of globalisation ignoring or overlooking its far-reached disadvantages and consequences.

Globalisation or the integration of international economics provides various openings and opportunities. Due to globalisation the international markets have gained easier access to new and expandable markets with the latest sources of technology and finance across the planet. By the help of globalisation, the consumers can access a large variety of raw materials and goods at cheap prices. On the other hand, the common people or citizens of a country usually relates the globalisation with the degradation of working conditions, loss ...