Nations have always traded with one another. During the industrial era, nations relied primarily on their domestic (home-based) companies to provide products and services that satisfied people’s needs and wants. That has changed.
The effects of advanced technologies and the worldwide web have globalized the
world’s economies. Barriers and other obstacles that once restricted international trade and commerce have been eliminated opening the American marketplace to other nations and foreign companies. The effects of advanced technologies and the
worldwide web have made each nation’s economy and its marketplace interdependent and interconnected. Countries have come to need and depend on the ability of other countries to supply many of their wants and needs. As a result, the economic well-being of individual nations is, to a significant degree, dependent upon other nations’ economies.
Globalization has changed the American economy and its markets from what was a dominant manufacturing and industrialized economy. The U.S. economy and its marketplace have been replaced by a highly dynamic (rapidly changing), globally
interdependent marketplace and economy that is highly characterized by service industries.
Do some research before responding to the following questions. I am not looking for
“right” or “wrong” responses. I am, however, expecting thoughtful responses that reflect the knowledge and critical thinking.
- Describe at least three bits of knowledge that you learned about global trade from watching the video about the Ever Given that was stuck in the Suez Canal?
- What do you think incidents like this can be minimized in the future?
- What, from your perspective, are the most important elements that are driving global trade?
- What, in your opinion, are the three most significant (good or not so good) consequences of globalization. Explain your response.
➢ Your response should be at least 3 paragraphs. (A paragraph is 5 sentences each.)
- Be thorough; answer ALL parts of the Put your replies to all parts, all questions, in one initial response, one post.