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Issues in Global Economy - Case Study Example

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The case study "Issues in Global Economy" states that the Industrial Revolution was a major reason for economic development and business growth across the world. It was actually the time when people started understanding the importance of manufacturing and industry. …
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Download file to see previous pages In turn, more economic growth was observed and many new jobs were created. In other words, new companies, business organizations, and enterprises joined the arena that not only resulted in healthy economic growth but also in stiff competition among existing entities. Businesses, therefore, started making innovations and developments in their production process and finished products so that they could differentiate their products from the rivals in the same industry. Nevertheless, this competition benefited people in a way that they now had more variety of products at their disposal.

The emergence of media, especially after the popularity of ‘Penny Press’ was another reason that enhanced the knowledge of people about their surroundings while it also enhanced the flow of information. Businesses started understanding the importance of advertising, branding, research, and marketing intelligence in order to ensure their survival, growth, and sustainability. Also, they started producing highly sophisticated and modern machinery to speed up their operations and improve productivity. The media, especially newspapers, has also become popular by the end of 19th century. Finally, important inventions such as the advent of television and Internet in the 290th century helped to introduce the world with an entirely new concept of globalization that talks about international markets, international institutions (banks, universities, research centers, and others, etc.), global politics, justice, global culture, etc. In short, people are closely knitted after recent advancements in internet and communication media and the subsequent improvements in circulation and sharing of information among people from different communities and geographic regions. The relationships among people and their frequent communication have also created enormous business opportunities after the emergence of global markets that in turn have increased global trade (through imports and exports). ...Download file to see next pages Read More
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