Globalization

We stand on the brink of great changes. From an energy crisis to new technology to the war on terrorism, the business world reels from vigorous upheavals and new innovations. Yet what will be the issue that will truly define business for the next twenty-five years?

The growth rate experienced by China after it reduced its trade barriers at 1999 is jaw-dropping. Indeed, in the past year, ChinaЎ¦s total exports and imports are 1.47 Trillion USD which is a 312% growth comparing to 2000Ў¦s 0.47 Trillion, and ChinaЎ¦s GDP grows apace. Yet will the 21s century be all about China, or, in fact, is something deeper at play?

The growth of China is only part of a crucial trend: globalization. Under globalization, developing countries enjoy unprecedented information and resources support the basic building blocks of Comparative Advantages. Today, India, Russia, Eastern Europe, and the Middle-East are developing rapidly thanks to outside help and internal ingenuity. The potential for such states is near-limitless: India and Russia both have a large amount of resources and undeveloped regions, while the city of Dubai in the United Arab Emirates will soon become one of the most important financial centers in world. Led by China, Ў§The WorldЎ¦s FactoryЎЁ, such countries are playing a key role in bringing the present business system into a totally new era, and the ramifications of their growth extend well into the First World.

Globalization has caught up the entire world in its sway. Countries cannot simply choose whether or not to follow the globalization trend. Emerging from domestic contractions, entrance into new markets is a crucial step for many nations on the road to