International Trade

1. Globalization will likely continue to expand in the future, because the process is just beginning and still has potential for much more growth. Companies are changing direction to take advantage of globalization, and new paradigms of transport are available to support it, such as multimodal transport and freight forwarding. Virtual warehousing concepts allow merchants to move merchandise more quickly on a drop-ship basis through a fulfillment hub system, making the order of one item from some remote location perfectly doable. Furthermore, the continual increase in online traffic and computer ownership makes it easy for merchants to reach buyers around the world, and an eager global buying public promotes globalization. Since being online puts people in touch with the world, globalization would be hard to avoid even if one wanted to. People are no longer restricted to buying their goods at the store down the street, and any vendor anywhere in the world can compete on pricing; sometimes it is less expensive to buy certain commodities online even with a shipping fee included than down the street at a retail bricks-and-mortar store with a smaller customer base. As online buying becomes faster due to technological innovations and more secure due to improved security applications, globalization will expand with it. When the store down the street doesn't have the DVD of the 1934 classic movie you want, you can find it online, and probably at a lower pr

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d a page on the typewriter and found you had left out a paragraph, you had to retype the page; if you made a mistake, you had to white it out with gloppy liquid or, again, retype the page. On the computer, you could simply add the missing paragraph or correct the mistake on the page which has been retained in the computer's memory and reprint it. Another example of creative destruction would be the replacement of the fountain pen by the ball point pen. Fountain pens had to keep being refilled all the time. The older models required the user to suck the ink into the pen through a tube under the nib, or a somewhat better adaptation to replace an ink-filled cartridge in the barrel. Both methods could result in ink-stained fingers, although the cartridges were an improvement. Furthermore, the ink sometimes failed to flow smoothly or came out all at once in a blob on the page. Ball point pens can go much longer before needing their ink replaced, and then it can be done by merely popping in a new refill that is guaranteed not to leak; they also have a much smoother ink flow. 6. Although tariffs and quotas quantitative restrictions on imports are both used to control the number of foreign products that can enter the domestic mark

Category: Economics - I