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type of globalization and compare its impacts in two countries.
of time where the Western worlds economic power and growth remained
stagnant (Lo and Zhang 2009). This heavy reliance on global exportation
with the neo-mercantilist economic worldview has been critical to Chinas
development as a global economic power. Along with this, the expansion
of domestic supply and exportation as a result have resulted in significant
impacts on Chinas development of its own domestic economy, and as
noted by (Cwik 2011), this exportation and trade surplus of domestic
supply is in line with a neo-mercantilist view and recognises the
governments selfish view of their own economy while implying the trade
is functional to imply China's catching-up and to enhance its
international status within the global economy while simultaneously
continuously focussing on its own domestic policies and increasing these
economic impacts. Schortgen summarises this to say that although the
economy may be increasing as a whole internationally, the principles and
rules of the economy still remain under a western ideology and thus have
impacted the globalisation of the economy despite Chinas significant
growth. He emphasises that even under economic antagonism,
acknowledging the shift in economic powers is necessary to achieve
cooperation, and true economic globalisation.
This is in stark contrast to Australias neoliberal economic policies which
proclaim that the global economy should be a free and open market
where according to Thorpe the increased globalisation has been positively
correlated with an increase in foreign direct investment (FDI), economic
growth and linkages in the private market. This in turn has had a
significant impact on Australias own domestic economy especially
through the duopoly of the supermarkets with Coles and Woolworths.
Despite being owned by the public trading companies, Wesfarmers and
Woolworths ltd respectively they are both non-governmental and
privatised organisations playing a major role in enhancing the countrys
economy. Wade specifically states the the more open and liberal a
countrys domestic economy is the more prosperous they will become and
the more globalised they can be. This is highlighted in Australias
domestic economy with the two major supermarket powers being a nongovernmental yet publically traded company has a major role and when in
periods of low upturn and profit, the economy as a whole is significantly
lower rates and can even be in a recession. This is again proven in
Thorpes work as he takes a neoclassical approach to this and shows that
when Australia is at a low peak of trade between private organisations
and thus low globalisation it is apparent that the economy is in a recession
compared to high trade periods of expansion. They also conclude that in
order to thoroughly understand the economic growth of Australia it must
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OF GLOBALIZATION: THE IMPACT OF ENTRY TO THE WTO ON CHINA'S
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Crane, G. 1999, Imagining the economic nation: Globalisation in
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Cwik, P. 2011, THE NEW NEO-MERCANTILISM: CURRENCY MANIPULATION
AS A FORM OF PROTECTIONISM, Economic Affairs, vol 31, no 3, pp.711,.
Kuncheva, B. 2013, Hoarding of International Reserves in China:
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Pasura, R. 2015, International students in the private VET sector in
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Development, vol 32, no 4, pp.567-589,.
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