Contents

• Executive summary
• Introduction to emerging global economy
• Australian dairy industry – Background, Deregulation in the Australian dairy industry, Australia – US Free Trade Agreement (AUFTA), Future of Australian dairy industry
• Dangers of globalization
• Conclusion on Benefits and cost of emerging global economy
• List of references

Description

This essay is written to critically analyze the benefits and costs of emerging global economy on jobs, wages, the environment, working conditions, and national sovereignty. The example of Australian Dairy industry has been used to support this analysis. Factors like deregulation and Australia – US free trade agreement (AUFTA) have been discussed in detail to understand their impact on this industry. The key findings emerged from this analysis are that the policy of deregulation hasn’t been able to produce the results as expected for this industry and AUFTA has been strongly opposed by the dairy farmers in US. Factors responsible for such opposition have also been discussed. An attempt has been made to appreciate the role of globalization on the future of this industry and what it should do to ensure its continued growth. Due attention has also been given to the arguments which are often used against globalization and what can be done to overcome them. Finally it has been concluded that the emergence of global economies has served well for the mankind and it is important to continue supporting the policies favoring it. However, steps needs to be taken with caution to ensure that such policies are made keeping in mind the needs of the particular economy.