How to trade in a global economy
Trade in a globally integrated economy is a new trend in the global economy.
Global outsourcing and offloading are the latest in a series of changes in trade patterns, economies and trade, as companies and industries adapt to globalization and a new world order.
For more than 20 years, many of the world’s largest companies and enterprises have been outsourcing manufacturing jobs to Asia, where they are able to lower labor costs, improve productivity and expand production.
Companies in the US, China, India, Mexico and Europe have also started to use offshored technology to create new products, services and jobs.
Companies also are moving to use technology such as robots and artificial intelligence to automate manufacturing and to eliminate some of the human workers needed in factories.
The trend is growing faster than the global population and its impact on the world economy is already being felt.
With new technology comes new challenges.
The pace of technological change has slowed dramatically in recent years.
But many of these changes have been made faster and cheaper by the emergence of offshores.
This is the story of how technology is reshaping the global manufacturing economy, and what the future holds for global manufacturing.