The trend towards globalisation has been evident in the pattern of sustained growth in world trade and investment flows. Growth in the world economy has become more trade-intensive. At the same time, international flows of capital, technology and knowledge are becoming far more important as determinants of economic returns than are flows of goods.
One key driving force in the globalisation process is the convergence of national economic and social systems. In terms of the structure and specific nature of industrial and consumer demand and in distribution systems, marketing and infrastructure, countries are becoming increasingly similar. Convergence in the product demand and factor costs leads to convergence in the demand for new technologies.
The Australian Centre for Innovation has been involved in interpreting the consequences of globalisations for companies, industries, regions and nations. Through an analysis of social, economic and technological trends, together with a unique scenario-based creation of preferred futures appropriate positioning to capture the advantages of globalisation can be developed.