Exploring the Economic Dimension of Globalization In Australia
In the economic dimension of globalization in Australia, the widespread of neoliberal economics and global expansion of transnational corporation  was certainly influential in the growth and sustainability of the economy. It can be attested that Australia has embraced the ideology of Nandan Nilekani in his article “The Prophet of Progress”  that “the world is flat”. He seconded through the increased level of trade among nations and not putting barricades can beat economic crisis. This criterion may have served its purpose in the development of Australia as an economic leader. Let us explore and take a closer look at the short historical and structural sectors of the Australian economy.
Transition from ‘Colonial Economy’ to ‘Australian Economy’
By the time the British had setup their colony in 1788, it began the first settlement in the Port Jackson in New South Wales. With the arrival of tradesmen, clerks, and laborers, there were also convicts who were skilled to contribute to the welfare of the so-called ‘colonial’ economy. However, during the early settlement, the establishment of trade and abundance of resources were not immediately sought, as the British were preoccupied with their own war with France. It was only in the 1820s where the population of the colony had start to increase where the primary production was of wool and rural commodities (rice, wheat, cereal) in the market. The settlement and access to the land of the indigenous population allowed the British to begin the rise of capital movements in the form of organizations like the Australian Agricultural company.
By 1870s, the paradigm from wool shifted to the explored discoveries of gold and mineral deposits (iron ore, coal, uranium). With new exports of gold and minerals in demand, it accelerated the growth of not just the market, but also of labor workforce. Further in the wake of the Commonwealth of Australia in 1901 and after effects of industrialization, the Australian economy was heavily invested in agriculture and mining and had eventually expanded in domestic manufacturing. 
Sectors of Agriculture and Mining
Two of the strengths of the Australian economic sectors are agriculture and mining. With an abundance of resources to which the country was endowed, maximizing the labor and quality of the products were recognized as the future of economic development.
The best agricultural products are meat and animal products.
BHP Billiton is the world’s largest mining company. 
Although the increase in GDP through agriculture and mining were disclosed, there were still issues faced and needed to be addressed. The crops and fields have experienced droughts and lessened production. The emission of greenhouse gases by the coal production created massive pollution of the environment. This was why the importance of research and development for innovation for environment-friendly were needed to be in place. This is to ensure the competitive advantage in the market and at the same time manage the environmental forces that affect production.
Sector of Manufacturing
The systemic operation of manufacturing was small-scale in the beginning – process of raw materials, repair and manufacture of goods for immediate consumption. It was stimulated by increased use of agricultural machinery and refrigeration equipment, even after World War I and II. In the late 1950s, the economy continued to find its rise in manufacturing and has added automobiles, electrical equipment, and iron-steel, with Americans serving their largest import of direct investments.
Below is the table of GDP% in the manufacturing from 1913-1949. 
With surmounted competitive advantage in the economy, the high intensive labor jobs in the market were deeply affected by the entry of globalization. It has displaced the economy to shift to low-wage countries to manage manufacturing jobs. Australia’s manufacturing sector has decreased in the low-tech industry, but with highly innovated opportunities, it focused its manufacturing industry in the high-tech goods. An example of which is Boeing operations, the first outside of US, and General Motors for their research and development operations setup in Australia.
Trade protectionism and tariffs rose between the World Wars. This limited the export trade and led to the crisis as part of the Great Depression. Towards globalization, the General Agreement on Tariffs and Trade (GATT) have pushed to open foreign market. An excerpt from the letter of Minister of Foreign affairs describes the end of protectionism.
“Through the General Agreement on Tariffs and Trade, fore-runner of the World Trade Organization, and the International Monetary Fund, governments agreed to bring down trade and financial barriers between countries and build a fairer and more rules based international trading and investment environment…
From open trade with Britain and European countries, the trade had transitioned to Asia, particularly China, and the U.S.
Below is the table of exports shares from 1983-2004. 
What Australians have learned in the course of its economic progress is the development of programs or policies and understanding to adapt to the changes of globalization. The below statement from Downer wrote it clearly on what was structurally achieved to maintain their exemplary economic status.
“The Government has overhauled comprehensively Australia’s taxation system, reformed labour and capital markets and introduced privatization into the transport and telecommunications sectors.” 
As a nation highly regarded with a stable government and strong economic sectors, globalization has somewhat shaped Australia with a more positive outcome. The economic outlook for this year is further explained in the short video below from James McIntyre, the Australian Head of Economic Research.
In addition, below is the snapshot of the economic statistics for reference .
- GDP: $649.9 billion
- Inflation rate: 2.7%
- Exports: $103 billion; major items include coal, iron ore, non-monetary gold, crude petroleum, and beef
- Export partners: (2004) Japan, China, US 8.1%, South Korea, New Zealand
- Imports: $119.6 billion; major items include passenger motor vehicles, crude petroleum, computers, medications, and telecommunications equipment
- Import partners: (2004) US 14.8%, China, Japan, Germany, Singapore