Organisation of Economic Co-operation and Development. By the end of 2008, the volume of trade had fallen by more than 10 percent in more than 90 percent of OECD 1 1. The striking thing about the recent economic downturn wasn’t just the rapidity of the decline but the fact that so many seemingly diverse markets plunged at once. On this grid, trillions of large and small transactions synchronize instantly. Case in point: only one in ten US dollars in circulation today is a physical note-the kind you can hold in your hand or put in your wallet. Within this digital fabric, old boundaries begin to blur cross-border capital flows also become information flows and just-in-time supply chains also serve as just-in-time information chains. These networks form a global communications and information grid that enables large-scale interactions in an instant. Information flows have increased exponentially. Cross-border capital flows have expanded at three times the rate of GDP growth. Since 1990, trade flows have grown 1.5 times faster than global GDP. Money, goods, data, and people now cross borders in huge volumes and at unprecedented speed. Over the past two decades, globalization and digital technology have combined to create vast, complex networks that weave themselves through every economic and social activity.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |