Economics Infrastructure Globalized World -Myassignmenthelp.Com

Question: Discuss About The Economics Infrastructure Globalized World? Answer: Introduction The considerable growth in Australian businesses has invited many countries to conduct business with the help of greater innovation and infrastructure. In current scenario, it has been observed that the Australians are enjoying access to the commendable infrastructure services that are fruitful in enhancing the quality of life. However, due to the frequent changes in the country, it is expected that the business practices and the infrastructure would also transform drastically in next 15 years. Moreover, as opined by Wiewiora, Keast and Brown (2016), the current advancements in the cities are also influencing the business organizations to develop greater infrastructure for the future prospects. The study would thus present the concerns regarding the necessity of developing infrastructure in cities. Furthermore, the effectiveness of the infrastructure on shaping the economy and social aspects would also be discussed. In addition to this, the important issues would also be identified i n Sydney for the city planning in the future. Discussion Over the years, the transformation in the business technicalities is shaping up the future of the countries. Urbanization is a common term that provides the insights regarding the current developments in the city planning with the help of world class infrastructure and advanced technologies. Australia is one of those developed countries that have been using the innovative and greater infrastructure to facilitate the innovative city planning. Recognizing the growing rate of the population in Australia, it is expected that the population would grow over almost 30 million by the year of 2031. It is notable that the growth in the population rate helps in increasing the economic values. According to Love et al., (2015), the growth in the population provides the opportunity to get access to the greater domestic market, facilitate the development of innovative ideas, and increase the size of the workforce. However, on the contrary, it is even increasing the demands of the stakeholders in a larger scale. It has been placing the additional demands on regions and cities. The economic structure and the innovative urbanization in Australia are quite opportune for the business markets. The multinational corporations require the effective technologies, greater infrastructure, and adequate resources for shaping up the social and economic structure. Henckel and McKibbin (2017) suggested that economic development and urbanization are closely intertwined. The business marketers are now looking forward to expand their business in other countries to increase the revenues for business. They usually select the countries with higher economic and social impacts. Building the infrastructure is quite beneficial for the businesses to develop the innovative practices with the help of the advanced technological equipment. In fact, currently, government is also concentrating on developing the infrastructure to invite the other countries for establishing business entities. The increasing rat e of the foreign revenues, import and export development, and growth in the trade businesses would contribute to the increasing rate of the economic structure. According to Maghsoudi, Duffield and Wilson (2016) infrastructure is conceptualized as the physical framework of involved facilities through which the services and products are delivered to the potential customers. The linking of the infrastructure with the economic and social aspects is quite complex and dynamic. It has been observed that it affects the consumptions and production of the goods and services directly and creates both the positive and negative spillover effects. Goldthau (2014) argued that a larger expenditure inflow is involved with the infrastructure building and creates the impacts on the business practices. It can be interpreted the economic growth depends on the helpful infrastructure facilities, especially for the foreign business marketers. For example, in Australia, the emergence of the urbanization and development of the remarkable infrastructure facilities attract the foreign business marketers. On the other hand, the growing population in Australia is contri buting to the economic and social growth by developing the business industries in a commendable way. More innovative infrastructure helps in transforming the business technicalities as the business marketers are prone to utilize the innovative methods (Wiewiora, Keast Brown, 2016). The infrastructure planning in Australia suggests that the business industries are focusing on facilitating a comprehensive package for reforming the process of investments, delivery, and utilization of the nations infrastructure. The reformation in the legislative policies is much helpful in shaping the economic and social structure through the infrastructure development. This infrastructure plan in Australia has been developed through a collaborative research and consultation process of 18 months. The Australian Infrastructure Audit is nations first comprehensive examination of infrastructure across the telecommunications, transport, energy, and water sectors (Infrastructureaustralia.gov.au. 2016). The audit report identifies that the economic growth of turning capital and labor inputs into outputs has considerably slowed down. The development of the more efficient infrastructure can contribute to the betterment of this trend. Therefore, it is quite recognizable that the infrastructure shapes up the future of the nation both economically and socially. In past few decades, the structural changes are found in the Australian economy. The growing competitive landscape and globalized labor market caused shifts in the workforce and developed the demands for the mineral resources. The development of the infrastructure requires adequate supports and resources. The government needs to take the hands-on approach to lead the reform process. The dynamic culture and highly educated workforce are suitable enough for organizing the innovative business functionalities. However, the lack of appropriate policy reform incentives is the considerable challenges in building the necessary infrastructure. The major challenges are found in shaping up the productivity parameter that requires adequate resources, incentive structure, and structured delivery model. The traffic issue in Sydney is also quite a considerable factor for the infrastructure planning that may pose challenges for the nation. Maghsoudi, Duffield and Wilson (2016) implied that Australia has been facing the environmental issues in current scenario that may prevent from building the infrastructure for the business industries. The greater risks with the extreme climate changing are becoming much apparent. management, the country has been experiencing the slower growth in the economy due to the lack of more innovative infrastructures that are yet to build up. In fact, the growing congestion in the modern cities is also quite challenging for the better management of the system (Infrastructureaustralia.gov.au. 2016). It is essential for the business to pay attention towards community development, which helps in addressing the social issues. In spite of the benefits derived from the population growth, which indirectly give rise to the domestic market, it creates the considerable issues for the country. The audit report highlights that the demands for the infrastructure involved with urban transport are projected to increase in a significant manner. It is assumed that the cost of the congestion on cities could rise to more than even $50 billion per year by the year of 2031 without any action (Infrastructureaustralia.gov.au. 2016). Moreover, it also provides the information about the exceeded capacity of the key urban roads and rail corridors, which can pose more challenges in upcoming years. The growth of the national land freight can be expected almost 86% between the years of 2011 to 2031 (Wiewiora, Keast Brown, 2016). It is noticeable that the quality of the Australian telecommunication services across the nation is mixed. The lack of proper improvement in the service networking quality could be the reason for the downfall in the social and economic context. The challenges are quite recognizable in the context of infrastructure building in Sydney. It is thus recommended to the g overnment to undertake the additional initiatives for structuring the reformation planning, which would benefit the business marketers to develop the advanced infrastructure for welcoming more innovations. Conclusion The study develops the insightful ideas about the necessity of developing the larger infrastructure. It has been observed that the growing economy and dynamic workforce is subjected to develop more innovation in Australian businesses. The multinational corporations require the effective technologies, greater infrastructure, and adequate resources for shaping up the social and economic structure. These innovative approaches are attracting foreign business marketers as well to establish their business entity. Australia is one of those developed countries that have been using the innovative and greater infrastructure to facilitate the innovative city planning. The development of the advanced technologies and business practices has given rise to the better infrastructure planning that contributes to the economic development of the nation. The infrastructure planning in Australia suggests that the business industries are focusing on facilitating a comprehensive package for reforming the p rocess of investments, delivery, and utilization of the nations infrastructure. However, the lack of adequate support, the growing population and congestion, climate changes, and slower growth in the economic structure can pose greater challenges in building the infrastructure in Sydney. The dynamic culture and highly educated workforce are suitable enough for organizing the innovative business functionalities. However, the lack of appropriate policy reform incentives is the considerable challenges in building the necessary infrastructure. Hence, the government needs to take the hands-on approach to lead the reform process and help in shaping up the economic values with the help of infrastructure facilities. References Goldthau, A. (2014). Rethinking the governance of energy infrastructure: Scale, decentralization and psychology.Energy Research Social Science,1, 134-140. Henckel, T., McKibbin, W. J. (2017). The economics of infrastructure in a globalized world: issues, lessons and future challenges.Journal of Infrastructure, Policy and Development,1(2), 254-272. Infrastructureaustralia.gov.au. (2016).Australian Infrastructure Plan: Priorities and reforms for our nations future [online] Available at: https://infrastructureaustralia.gov.au/policy-publications/publications/files/Australian_Infrastructure_Plan.pdf [Accessed 29 Jan. 2018]. Love, P. E., Smith, J., Simpson, I., Regan, M., Olatunji, O. (2015). Understanding the landscape of overruns in transport infrastructure projects.Environment and Planning B: Planning and Design,42(3), 490-509. Maghsoudi, S., Duffield, C., Wilson, D. (2016). Innovation in infrastructure projects: an Australian perspective.International Journal of Innovation Science,8(2), 113-132. Wiewiora, A., Keast, R., Brown, K. (2016). operations and challenges in engaging citizens in the co-production of infrastructure-based public services in Australia.Public Management Review,18(4), 483-507.