Question

International collaboration and globalisation

When forming your policy recommendations, your Policy Brief needs to consider the ways that the Australian economy is part of the Asian-Pacific region and connected to the rest of the world. Your team is analysing the ways that all countries need to interact with each other for the purpose of elevating economic prosperity and overall wellbeing.

1. Provide an explanation of what is meant by the term ‘globalisation’ and explain how does globalisation contribute to improving people’s wellbeing?
2. As the whole world looks for a road to recovery from the COVID-19 pandemic, give some examples of the ways that international collaboration and co-operation will be important for our recovery? In what ways might this international collaboration be under threat during the pandemic, and what policy arrangements and institutional settings can help to ensure that countries continue to co-operate with each other in the future?

Answer 1

1- Globalisation means an interconneted and interdependent world. it describes the growing interdependence between countries and its not just econmic interdependence , it includes various aspects like society, culture,populations etc. as the world trade is increasing and so is the interdependence as a result of exchange of goods , services, technology, flow of investment etc.Technically globalization is the process by which business and  other organizations start operating on an international scale and devlope international relations. Gloablisation leads to an open flow of information, technology, and goods amnog international producers and consumers.

Cause of Globalisation-

Improved transport acelarated globalisation by facilaitating labour mobility and supporting supply chains

Improved technology for communication

Internet

Growth of MNCs

Growth of Trading Blocks like ASEAN, NAFTA etc.

Role of World trade organisation ot facilitate cross border trade and reduced tariffs /

Economies of scale

Global Financial systems and mobility of capital facilitating trade

International trade cycles.

Globalistion contributes to peoples's well being in various ways. It makes easy access to new cultures ( foriegn culture) which includes, food, entertainment, fashion, music art and gives exposure to people. The flow of technical information facilaitates growth and imporves standard of living. it increases global competiion and benefits consumers to get better quality products at competitive prices. As companies can sell more so there are economies of scale and thus low cost production is possible and which directly benefits people. there are growing job opportunities as the labor mobility is faciliated due to better transpaort systems and it benefits people by getting them suitable payoffs and saving them from exploatation. Globalisation has reduced world paoverty and raised standard of living across the world. Globalisation opens new markets for comapanies and new revenue systems so companies reap these benefits and eventually employment increases due to increased production. The skilled people get exposure to better opportunitie and alomg side thestates and  companies also invest in the human resources leadig to growth and development. Consumers have access to technologically advanced products and services , medical help and educational services for well being. Overall despite certain challenges the globalisation contributes directly to the well being of the people by bringing the economies closer.

2- international partnerships are important for every country to recover from pandemic. Australia has worked efficiently in pacific and supported the vulnerable neighbouring countries to maintain the proserity of the country and the region. Economies are hit hard and lost valuable human and fianacial capital to the pandemic. The response of neighbouring countries to pandemic and their recovery will surely inluence Australia's economy in future. There is immense need for internatonal cooperation now to recover from pandemic crisis and to maintain the world prosperity. The wealthy nations are better off fighting the disease and saving population while the third worls countries will need international support. Science and technology are essential to humanity’s collective response to the COVID-19 pandemic so exchanging information is very critical to fight the crisis. There is need of immediate cure and vaccine which needs funds and with international collaborations it is not very esdy. The international supply chains have dirupted and people have lost jobs and bringing everythig back to narmal is an international challenge. The international cooperation will multiply the efforts. It will scale the medical capacity for treatment and vaccination. The resurgence of virus is fatal and needs monitoring so with international cooperation it is possible to control the resurgence and loss due to that. Internationl tarde policies have high implication to recovery and these are directly influenced by the internal policies of different countries. Covid-19 is an extreme  threat to humanity and without international co-operation, both the exit from the crisis and the recovery is likely to be slow and weak.

The geoplotical rivalries may put this international collaboration to threat during pandemic. The pandemic has exposed the divisions between developed countries, and could lead to a more hostile and economically independent relationships. The countries are getting into a kind of cold war like situation with veral attacks and counter blames.Governments can protect citizens only by international cooperation and avoiding nationalist rhetoric and policies. Countries shall work together instead of bidding against each other.The need is to increase cooperation in production and distribution and using global supply chains in most effecient way by pooling resources and equipment so that they can be allocated when needed. There is immediate need to help the poorest countries in the well being of whole humanity and personal agendas of countries will push all efforts back so IMF and WTO shall bring more security to these countries and monitor the actions of powerful countries.