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Evolution of the Global Economic Environment
Pages 3 (753 words)
Name Course Title Name of Professor Date of Submission Evolution of the Global Economic Environment Although the globalization of the economic environment has heightened remarkably over the last two decades, the globalization of production has also increased substantially.
The globalization of production accompanies a grand assurance of a new stage of trade expansion from developing nations, like China, whose enclosure in the system creates novel technologies and unlocks new markets (Ostry & Alexandroff 2003). As global trade has grown over the last 20 years, both in terms of global productivity and absolute means, China have sustained their share of global trade and substantially increased their share of global exports of produced goods (Lin 2001). From 1990-2010, at merely more than 10.4 percent (Lin 2001, slide 4), China’s share of global exports was significant. The multinational business is usually perceived as a major motivator for the system of the globalization of production. This is justifiable, because the presence of the multinational business is, in principle, grounded on earlier and major foreign investment (Ostry & Alexandroff 2003). Furthermore, the past two decades have witnessed a dramatic boost in the operations of multinational businesses in China. Recent reports indicate that there are roughly 65,000 transnational corporations at present (Milberg 2004, 45). Their economic effect can be evaluated through varied approaches. Foreign partners, in 2001, comprised more than 50 million workers in comparison to more than 20 million in 1990 (Milberg 2004, 45). ...
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