Reference no: EM131089027

1. Australia's two major political parties have been enthusiastic supporters of the globalization process and Australia's participation in it because of the economic benefits that are presumed to flow, especially from trade. but what of the downside to globalization? What economic or social problems might the Australian government face through unintended consequences resulting from deeper globalization?

2. Provide a definition of economic globalization which reflects its important elements, discuss how modern technological innovations have driven deeper globalization of each element of your definition, providing examples. Are there any elements of your definition that remain largely unaffected by technology and remain significantly behind the degree of globalization that existed prior to World War 1?

3. Some commentators take the view that globalization has meant governments are now largely obsolete, at least in an economic sense. Do you agree with this? What if anything, do governments control that has a direct impact on economic globalization?