The Changing Economic Systems: Globalization, Technology, and Trade

This essay provides a comprehensive analysis of the evolution of economic systems, focusing on the impact of globalization, technological advancements, and changing consumer behaviors. It explores how multinational corporations have adapted to these shifts, particularly in communication and transportation, which have become critical for international trade and economic growth. The essay examines the historical transition to modern economic structures, highlighting the effects of increased trade, cultural exchange, and the role of nationalism and bullionism. It emphasizes the significance of communication technologies like the internet and the advancements in transportation for cost-effective operations and maintaining consumer loyalty. The discussion also touches upon future trends, such as quantum computing, and the continued evolution of information technology. The essay concludes by underscoring the importance of these factors in shaping the business environment and influencing both corporate and national economic conditions.

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THE CHANGING ECONOMIC SYSTEMS
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The modernization of the world and the ever-changing trends has given rise to the
multinationals. The change in the taste and the preference patterns of the consumers has affected
the growth of the multinationals. The changes that the multinationals brought about in the
internal structure are an important consideration. The most important change can be noted in the
fields of the economic status of the market and the consumer behaviors at large. Depending on
the change in the tastes and the shifts in the preference of the consumers from the necessity to the
leisure goods determines the factors of the change that is being noted in the economic structure.
The forces of the improved transportation and the communication facilities have a huge impact
on the changes that can be noted in the economic structure largely.
The industrial developments that the multinationals undertook are subjected to the
immense amount of changes in the fields of proper channels of communication and
transportation. It helped them in reducing the costs that were involved previously in undertaking
the processes. The developments are based on the modifications and the innovation in the
technology that helped in undertaking the change. The discussion aims at understanding the
transition from the historical point of view to the relevant era of the technological advancements
in order to understand the range of the change. It determines the change in the economic
structure of the society and the multinationals at the same time.
The main purpose of this discussion is to understand the changes in the social and the
economic structure and the impact of the change in the present days. Globalization has affected
the world largely. The intermingling of the people from different cultural and heritage
background is affecting the process of evolution of the change and thereby modifications have
been brought to the channels of communication procedure and the transportation of the products.

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It created a heavy impact on the economic structure. The following discussion aims at
understanding the evolution process and its impact on the economic structure.
The modern world with its technological advancements and the changing trends and
preferences are subjected to modifications that must be undertaken by the firms and the
companies to survive the changes and make them sustainable. The business processes are
adhering to the changes that are required to be brought about in their structure that is actually
facilitating them to undertake cost-effective measures. The measures help them in making the
processes more transparent and efficient through the modifications that they undertake in the
communication and the transportation process (Saaty & Vargas, 2013). The development of the
global economic status has been into research since the traders of the West and the East came
together to exchange goods and services with the objective of earning a return on their
investment.
The development and the involvement of the nations in the world trade have
significantly changed the economic conditions of the nation. The per capita income of the people
have increased according to the changes brought about by the multinationals in their processes
and which affected the economic status of the nations at large. The nations, which denied the
involvement in the world trade, were found to be less developing (Pejovich, 2012). Not only did
trade happen between the nations, but also the exchange of the culture and heritage. The ideas
that are being used by the companies in one nation also were exchanged with the other nations.
Therefore, a development in the economic status was noticed.
Nationalism gave way to the Bullionism where gold and silver determined the wealth and
the progress of the nation. Another form of determining factor evolved gradually where the

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favorable balance of trade was considered to be the determinants of the progress of the nation
(Leamer & Storper, 2014). The balance of trade implies the excess of the exports over the
imports undertaken by a nation. After the undertaking of the considerable changes in the
structures of the companies and the determining factors of the progress of the nation in the
economic structure, the economic progress depended on the modifications of the communication
and the transportation.
Globalization has a major impact on the modifications made by the organization in the
present era of the technological progress. The technological advancements in the field of
communication and information have helped a lot in the advancements that the economies have
made in the current scenario. Communication being the backbone of every business
organizations makes the process of exchanging the thoughts and integrating the actions
accordingly (Batten, Casti & Thord, 2012). The latest advancements in the communication
procedure are an important step that the multinationals undertook in the present era in order to
enhance their skills and make considerable progress.
The usage of mobile phones and the usage of the net have helped in bringing a
revolutionary change in the pattern of the communication (Wild, Wild & Han, 2014). The
channels that were taken earlier for communicating with the people are being modified in the
modern world and the application of the proper channels while communicating is an important
modification that the companies undertook. This brought about a significant progress in the
economic structure of the company and the nation. The World Bank states that the people in the
nations that are engaged in the international trade are having a higher standard of living than the
countries who have not indulged in the international exchange (Gunasekaran & Ngai, 2012). In
this era of globalization where cultures and heritage comes together in order to achieve the

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common goals, communication plays an important role in integrating the people and helps in the
proper coordination, ensuring the progress of the multinationals.
The introduction of the internet to the people in the year 1991 was the cause of the
revolutionary change in the methods of communication. It actually brought the nations and the
businesses closer and made communication cheaper and accessible (Foster & Wood, 2017). In
the year 1965, the United States launched telephone circuits in order to support commercial
communication. Today, some four hundred commercial communication satellites have been
launched which is transmitting information across the world. The considerable change in the
communication system and the procedures that are being undertaken helps in determining the
economic status of the nations (Garicano & Wu, 2012).
On the other hand, transportation is again an important factor that helps in the
undertaking of the advancements in the economic structure. Globalization has helped the nations
in undertaking the international trade. Now, the international trade can only be undertaken with
the help of effective means of transportation, which is both fast and cost effective at the same
time. The advancements in the means of transporting and shipping the goods are an important
phenomenon supporting the economic growth of the organization (Cowhey & Aronson, 2012).
The cost effective transportation procedure and the cheaper rate of shipping the commodities is
an important modification that was undertaken by the companies. The modifications that were
undertaken in the methods of transporting the items and the cheaper rates help the multinationals
to save on their return on the investment that they undertook during the process. Moreover, the
fast delivery of the goods and services help in maintaining the brand loyalty among the target
customers. The multinationals therefore aims at retaining the foreign clients thereby making a

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considerable profit out of the transactions adding up to the national income and thereby affecting
the change in the economic structure.
Globalization have affected the world and brought about a change in the taste and the
preferences of the consumers at large. People opt for the products from abroad, though it is a
typical mindset of the people as they think that the particular nation excels in the production of
the commodity from which the commodity is being imported. For an example, a person from
Indonesia might like to buy a bottle of French wine. In that case, the wine is being imported from
France, irrespective of the production of wine in Indonesia (Carlsson, 2012). Therefore, in order
to understand the consumer habits and adhere to the tastes and preferences of the consumers, the
multinationals must consider the transportation factors, which are cheap. These considerations
will help them in determining the return on the investments and the revenue earned by the same.
Moreover, the businesspersons have to travel to the distant lands in order to deal with the
international clients. The advancements in the transportation facilities help in making the trips
faster and economic at the same time. Shipping and taking a flight is made easier in this era of
technological advancements and depending on the requirements of the business. It helps the
companies to evolve and make gradual progress in the economic structure. The transportation,
therefore, is an important factor that affects the change in the economic structure of the nation or
the companies.
The prediction of the latest revolution that would strike the surface of the earth in the
coming years is based on the technology of transmitting information (Camagni, 2017). The era of
technology has also facilitated the access to information and therefore the biggest revolution is
yet to come with the internet where the knowledge flows through a safer and controlled medium.

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The future of the international technology is being framed by the involvement of the Quantum
computing which is based on the quantum mechanism theory. The web is forecasted to go
mobile with the people paying more money on the web services will be preferred first on the
web. People will be able to share videos, events and information in a media through an array of
devices, which can be perceived by the majority of the people by the least expected time.
The technological advancements will help the people in attaining information at the same
time and thereby help in transmitting the e-information effectively throughout the process
(Bertuglia, Fischer & Preto, 2012). The process is beyond the algorithm that the computer
follows and the binary calculations, therefore it will be faster and more accurate in deriving
results. The advancements in the communication procedure and the proper transmission of the
information, depending on the requirements of the people paying for the information, is an
important consideration (Nijkamp & Blaas, 2012).
Therefore, from the above discussion it can be concluded that the communication and the
transportation has major impacts on the structure of the economics and thereby influences the
change in the business environment. The factors help in bringing modification in the process of
the business and helps in undertaking international trade, which helps in determining the
economic condition of the company and the nation at large.
References

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