Assignment 6

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Assignment 6

    Advanced Academic Skills and Professional English

    Assignment six

Unit name: FNDN 300

Unit coordinator: Debby O'Brien

Students name: Xin Zhou (Sophia)

Group number: one

Student’s Number: 220069417

Assignment question: Who benefits from globalisation?

Word Count: 1246

Submission Date: 2010-11-8

    Advanced Academic Skills and Professional English (Assignment 6)

    Globalisation or the unrestricted movement of capital, goods and services across borders, has been debated topic in recent times. Proponents of globalization argue that globalisation results in greater market efficiencies created more jobs and greater wealth across nations, however, critics argue that globalization in the modern environmental context is nothing more than a glorified word for free market economies, that has only served the interest of a few, while creating greater income disparities, depleting the wealth of nations, and creating scope for exploitative business practices that have placed both the human being and the environment at great risk. This paper will define globalization, and then discuss the benefits and the disadvantages of globalization.

    The increasing global trade and investment leads to more interactions involved in economy and culture. People, capital, ideas as well as good are hybridized much more great than before. This phenomenon is definition of 'globalisation' (Global Education: online). Globalization is not new and has existed since the days of the Silk Road trade between China and the Western World several centuries ago, the modern day version of globalization has its roots in Smithsonian economics of unregulated markets with minimal State intervention ( D. O’Brien, Lecture, 30 Sept 2010). Differed from

    Keynesian economics that dominated the post-world war era when most Governments exercised greater control over the movement of capital, goods and services, subsidized local industry and regulated financial markets for the aim of creating greater employment and protecting local industries from external competition, the modern concept of globalization implies that inspired the likes of Thatcher, Reagan, Blair and other politicians around the world in recent times (Jacques 2009: 22).

    Proponents of neo-liberalism policies of globalization have argued that protectionist economies result in inflationary pressures. It also creates long-term unemployment especially because of the rise in prices and inability of manufacturing sectors to be competitive and cost effective (Quiggin 1999: online). They argue that by moving manufacturing facilities to other countries where the cost of production is

    2 220069417 Zhou Xin (Sophia)

    Advanced Academic Skills and Professional English (Assignment 6) lower, countries can benefit from greater incomes as a result of repatriation of capital and wealth back to the home country (Colebatch 2004: online). However, critics have argued that moving manufacturing facilities to other countries. There are many disadvantages because it results in a movement of value creating activities out of one country to another and also creates spenders instead of earners, resulting in poverty and long term of erosion of wealth (Hartmann 2010: online). Critics argue that wealth is different from income and that when one involves in a manufacturing activity, wealth is created because it creates economic opportunities for many and wealth for many, as opposed to a service activity, which only results in income (Hartman 2010: online).

    Supporters of neo-liberalism reforms in the post seventies period have argued that by removing protectionist barriers to industry and reducing state run welfare schemes, people have the option of moving to better and higher paying jobs instead of staying on a predetermined and fixed career progression path which was the hallmark of Keynesian economics of the pre nineteen seventies era. Furthermore, they argue that a reduction in social welfare schemes would make the people more competitive in the long run (Quiggin 1999: 50). However, critics have sounded alarm bells by arguing that people in the lower income groups suffer because of the lack of job security and the movement of jobs out of the country, and that globalization only helps highly skilled workers, therefore, this is greater disparity between the higher wage and lower wage income groups (Quiggin 1999: 50). Indeed, studies by Freeman (1995) and Boskin (1998) the top 20% of the households in the US have attracted most of the income generated in over thirty years (Quiggin 1999:50).

    One of the benefits attributed to globalization is the movement of goods and labour across border and in the creation of growth and development opportunities in many developing countries. This is based on the theory of trickle down economics where it is believed that big investments by private enterprises in developing countries will create jobs, and bring about access to cheaper goods that can benefit the middle

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    Advanced Academic Skills and Professional English (Assignment 6) class and the poor through out the world. Indeed, reports on poverty levels in the last twenty years have shown that absolute poverty has declined in Asia and in Latin America by 52 percent and 30 percent respectively(McDonald 2008: 22). Furthermore, it has been reported that more than 200 million people have uplifted themselves from the world of the poor to the world of the rich and consequently have enjoyed greater wealth in the form of home ownership and access to a modern life (McDonald 2008: 22).

    Critics have argued that that while globalization may have created greater economic opportunities in the developing world, it has also created greater uncertainties. For example, when manufacturing activities moved from the US to Mexico in the nineties on the back of lower costs of production in the latter; Mexico boomed and developed for some time. However, when US companies discovered that it was cheaper to manufacture many of the same products in China, they moved their operations to China, with the consequence that Mexican operations were badly affected (Colebatch 2004: online). Furthermore, critics have argued that globalisation offers no solution to individuals when affected by profit driven economics that has no regard for social welfare in times of transitory unemployment (Colebatch 2004: online).

    Proponents of globalisation and neo-liberalism have argued that when companies export their manufacturing activities to developing countries, the latter benefit from, an increased access to technologies that help reduce pollution and renewable materials that help preserve scarce resources; and also from an increase in employment. However, critics write that this argument is scarcely true, as globalisation has resulted in exploitative manufacturing activities by multinational companies that have harmed the environment, affected the biodiversity and deprived human beings of basic human rights through the imposition of sweatshop like working conditions and other coercive activities ( D. O’Brien, Lecture, 30 Sept 2010).

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    Advanced Academic Skills and Professional English (Assignment 6)

    Supporters of globalisation and unregulated financial markets have argued that unlike regulated markets, the former enable greater access to cheaper capital and investments from around the world and create opportunities for investment in places where there is likely to be greater growth, thereby, resulting in greater return on investments and diversified investment portfolios. This seemed to work for most of the last forty years, the recent financial crisis exposed the failure of unregulated system of financial markets around the world because unregulated capital flows resulted in highly speculative activities by bankers and investors, excessive borrowings and unprincipled investments by both banks and people, thus, eroding wealth at the cost of a reduction in manufacturing activity (Jacques 2009: 22).

    In conclusion, it is clear from the above that globalisation has created both winners and losers. Globalisation has created the free market enterprise with greater movement of goods, people and capital; created access to cheaper finance, lower cost of manufacturing and finally improved uplifted poverty in many parts of the world. It has also resulted in several problems in the form of an erosion of value creating activities in countries exporting manufacturing activities, created wider income disparities as a result of the export of jobs to other countries, increased uncertainty for countries involved in low cost production activities as a result of their vulnerability to other countries taking away those activities, and finally in unscrupulous and uncontrolled financial activities resulting in excessive borrowing and unprincipled investments.

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    Advanced Academic Skills and Professional English (Assignment 6)


    Colebatch, T. 2004, ‘Globalisation creates winners and losers’, The age. 13 April.

    Retrieved on 19 October, 2010 from


Global Education, nd. online, ‘Globalization’. Retrieved on 19 October, 2010 from

    Hartmann, T. 2010, ‘Globalisation is killing the globe: Return to local economics,’

    OpEd News, 9 Feb. Retrieved on 19 October, 2010 from


    Jacques, M. 2009, ‘The New Depression: the business and Business and the political

    elite are flying blind’, New Statesman, Paper 22-25. 16 Feb. Retrieved on 19

    October, 2010 from



McDonald, A. 2008, ‘A last chance’, New Statesman, Paper 22-24. 10 Nov. Retrieved

    on 20 October, 2010 from



Quiggin, J. 1999, ‘Globalisation, neoliberalism and inequality in Australia’, The

    Economic and Labour Relations Review, Vol 10. No 2, Paper 240 -59. Retrieved

    on 20 October, 2010 from:

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Advanced Academic Skills and Professional English (Assignment 6)



    Every student for FNDN300 MUST complete this checklist for each assignment submitted. When you have finished an

    assignment you need to check that you have completed each point listed below and tick the corresponding box. After this you

    must sign your name at the bottom of the list. This signature claims that you have read this list and that your assignment contains

    the following information. This checklist must be attached to the end of each assignment. (This checklist can be downloaded from


    1. Coversheet


    ? 1. Separate page used for coversheet details.

    ? 2. Font is all the same size (12pt) and style (Times New Roman/Arial).

    ? 3. Text is centred.

    ? 4. page numbers on all pages except the cover page


    ? 5. Unit name: e.g. FNDN300 / Group number: e.g. 4

    ? 6. Assignment number: e.g. Assignment 1a.

    ? 7. Chinese student name (English name in parenthesis): e.g. Jiali Wu (Victoria). ? 8. Student number

    ? 9. Due date

    ? 10. Exact number of words.

    ? 11. Assignment question is clearly copied from Assessment Handbook.

    ? 12. Unit coordinator’s name in full (first name and surname). NOT your tutor’s name.

    2. Essay (Introduction/Body/Conclusion)


    ? 1. Font is all the same size (12pt) and style (Times New Roman/Arial).

    ? 2. Text is spaced at 1.5cm EXCEPT for long quotes.

    ? 3. One clear space between each paragraph (press ENTER once).

    ? 4. A header OR footer with student number, name, assignment number and page number. ? 5. Margins are set at 2.5 cm.

    ? 6. No headings or bullet points in this unit!

    ? 7. Left aligned.


    ? 8. Introduction:

    a) One paragraph made of 4-5 sentences.

    b) Starts with a topic sentence that introduces the main topic.

    c) Introduces the assignment question.

    d) Defines key terms.

    e) Outlines main ideas to follow.

    f) Contains clear thesis statement. The thesis statement is one sentence that sums up

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Advanced Academic Skills and Professional English (Assignment 6)

    your main message and what point/argument you will be making. It often appears as the

    last sentence of the introduction

    ? 9. Body Paragraphs:

    a) Start with a topic sentence to introduce one main idea.

    b) Supporting sentences follow topic sentence and introduce research/evidence. All

    evidence must have in-text referencing.

    c) Finish with a concluding sentence.

    e) Relate to the assignment question.

    f) Each paragraph is of the appropriate length, e.g. minimum of 4 sentences. ? 10. Conclusion:

    a) The first sentence restates the main premise of the essay.

    b) The following sentences summarise the main points of the essay.

    c.) The last sentence/s ends with a broad statement; future consequences/action.

    d) Does not contain quotes, references or new information.

    3. Reference List (Author-Date Referencing Style)


    ? 1. Separate page for reference list.

    ? 2. The word ‘References’ is written at the top of the page.

    ? 3. ALL references are single-spaced.

    ? 4. One space in-between each reference.

    ? 5. Organised into alphabetical order.

    ? 6. Font is all the same size (12pt) and style (Times New Roman).

    ? 7. Hanging indent is used.

    ? 8. No details in italics are placed in inverted commas.

    ? 9. Reference list is NOT aligned to both left and right margins (justified), but rather aligned to

    the left margin.

    ? 10. No bullets points or numbers used.

    ? 11. Surnames or name of organisation is the first piece of information for ALL sources. ? 12. ‘Minimal capitalisation’/ Maximal Capitalisation (italics).


    ? 13. Date website was updated, retrieval date, and URL for online sources.

    ? 14. Page numbers are included for all print sources except journal chapters.

    ? 15. Publication details are included for print sources e.g. place name, date.

    ? 16. Sources are ALL appropriate. For example, does not contain sources from Wikipedia,,, Investopedia, Wikianswers, blogs,,,, or

    ? 17. There are no sources that contain ‘unknown’ in place of author’s name/organisation name. ? 18. There is a combination of online and print sources.

    ? 19. Use of 4 sources or more.

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    Advanced Academic Skills and Professional English (Assignment 6)

    ? 20. ALL words are spelt correctly.

    4. Entire assignment (Cover page, Introduction/Body/Conclusion, Reference List)

    ? 1. Checked punctuation, grammar, spelling, and sentence structure.

    ? 2. Coherence: uses connecting words, key words and transition signals.

    ? 3. Logic: ideas are presented in a logical form; each idea is relevant to the assignment


    ? 4. Academic Style: Use of formal Academic language. Avoid informal and incorrect English

    expressions, for example, ‘as we know’, ‘Nowadays’, ‘A must’, ‘in modern times’ etc.


_______Zhou Xin____________________

    Original name /English name (PRINTED BELOW):

______Sophia Zhou________________

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