Globalisation: Local Agency,the Global Economy,and Australia's Industrial Policy

The term globalisation has been employed to denote the global integration of finance, the emergence of global corporations, the development of institutions of global governance, the global implications of environmental crises, and the commodification of previously nonmarketed arenas of social life. The author argues that globalisation needs, rather, to be conceived theoretically as the sectoral and spatial unification of systems of valuation. Using this definition, and a study of the development of trade and economic policy in Australia, he argues that there is variety of forms of globalisation, a variety of internal reasons for the emergence of policies that enhance globalised forms of economy within countries, and therefore a variety of policy responses to it.