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GEOG332 - Shifts in Global Economy - Assignment

   

Added on  2020-03-04

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Running head: SHIFTS IN GLOBAL ECONOMYSHIFTS IN GLOBAL ECONOMY Name of the UniversityName of the Student
GEOG332 - Shifts in Global Economy - Assignment_1
1SHIFTS IN GLOBAL ECONOMYThe world of economy has switched rapidly over the last 30 years. The global economyhas moved to the national centered to the international context. The change is seen nit only in thecontext of the business, but also in the objectives and the strategies of the business. The businesshas crossed the border of government trades rules and regulation, culture, language, distance andthe investments.The basic traits of the economy began to change after 1970, when the developingcountries started to open their business in the global competitive market. The world economystarted shifting from the dominance of the U.S and spread itself throughout the world (Knox,Agnew and McCarthy 2014). The developing countries, for example started taking the place inthe business and the countries like Great Britain, North America started losing their ground in themanufacturing industries. The comparative advantages are no longer can be seen in the industriesof these countries (Topik and Pomeranz 2014). The foreign investment trends have also beenchanged over the years. Though the shift as not created much trouble in the economicalbackground of the America, but a huge change can be seen the growth of industrialization of thedeveloping countries. The growing number of the medium and small sized multinationalcompanies in the developing countries like Japan, India, South Korea needs to be counted as theglobal economical shift in the international business. The transformation in the economy on the global business context started from 1960 andflourished in its full form in the late 1970. Apart from the emergence of the small multinationalcompanies and technologis in the developing countries, the diminish of the Communism in theEastern Europe and the former Soviet Union Republic is considered to be the final shift in theglobal economy. It is found that many of the initial communist countries are committed todemocratic politics and therefore are investing in the economy of the free market. Asia, countries
GEOG332 - Shifts in Global Economy - Assignment_2

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