Globalization

The increasing interaction of international economic and social systems has led to the development of globalisation. Many factors have been involved in this growth, including the growing power companies now have on consumption and the integration of nationalities and cultures, due to the constant growth in technology and communication. These factors are expanding globalisation in such a way that the barriers between countries are slowly collapsing and blending our societies together. Globalisation increases poverty, affects supply and demand and influences consumers in subtle ways. The growth of globalisation in economies and societies around the world will eventually make globalisation a key structural aspect in the world's economic system.

Globalisation is the continual mixing of economies and societies around the world, through businesses, social interaction, production and consumption. Globalisations main growth comes from powerful international companies and how they constantly buy out smaller businesses and franchises in Australia and other countries around the world. This increases their control over consumption prices and the production costs in the economy. The ongoing advancement and improvements in technology and communication around the world is also a major factor in the growth of globalisation. It has improved to such a point that these international companies can now buy and manage many businesses in Australia from their own country, with ease. This development is not just affecting the world economically but is also merging the cultural and social side of the world. This merging has escalated because different nations can have an effect on what is sold in different countries, how it is sold, and how their products influence consumers, because they own businesses in these countries. Globalisation while having short-term positive effects, like lower consume prices, it will eventually with time, give companies complete control of consumption prices and merge nationalities together to the point where there will be no separation between cultural groups.

The effects of globalisation can be illustrated with an example of a family