Globalisation: local agency, the global economy, and Australia's industrial policy

The term globalisation has been employed to denote the global integration o f finance, the emergence of global corporations, the development of institu tions 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 theoret ically as the sectoral and spatial unification of systems of valuation. Usi ng this definition, and a study of the development of trade and economic po licy in Australia, he argues that there is variety of forms of globalisatio n, a variety of internal reasons for the emergence of policies that enhance globalised forms of economy within countries, and therefore a variety of p olicy responses to it.