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In turn, more economic growth was observed and many new jobs were created. In other words, new companies, business organisations 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 produce 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 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 operation and improve productivity. The media, especially newspapers, has also become popular by the end of 19th century. Finally, important inventions such as advent of Television and Internet in the 290th century helped introducing the world with an entirely new concept of globalisation that talks about international markets, international institutions (banks, universities, research centres 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 emergence of global markets that in turn have increased global trade (through imports and exports).
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“Issues in Global Economy Essay Example | Topics and Well Written Essays - 2000 Words - 2”, n.d. https://studentshare.org/miscellaneous/1566444-issues-in-global-economy.
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