The writer discusses some of the changes that have occurred in the global economy in the last thirty years. The writer focuses on technology, IT, the formation of the EU, the Japanese economic crisis and the growth of multinational corporations, among other factors. The paper is five pages long and there are nine sources listed in the bibliography.
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It allows any company to participate in the global market and it has given large corporations the opportunities to expand even further into numerous countries. Technology has reduced the cost
of communication while at the same time increasing the speed of communicating from one side of the world to the other. The Internet takes the credit for the speed of
communication transmissions today. In a paper delivered in 2002, Richard Judy identified the seven forces driving change and shifts in the global economy and in business organization. The first
one listed is technology. The rapid changes in technology and particularly information technology is the primary reason for the shifts in the global economy, according to Judy (2002). At the
same time, advancing technology decreases costs in almost all industries. For example, travel for business or pleasure is proportionately less costly today than it was thirty years ago. One
of the great global shifts since 1990 was the formation of the European Union, which was officially approved as the Treaty on the European Union in December 1990, a step
towards the goal of a European Monetary Unit (EuroRegion Network). Nations had been joining Europe and working on this goal since 1951 (EuroRegion Network). It was in December 1991 that
the Maastricht European Council reached the agreement about the Treaty establishing the European Union (EuroRegion Network). This set the stage for a common market (EuroRegion Network). It also was intended
to hedge against the varying foreign currency exchange rates (EuroRegion Network). In 1999, the Euro Monetary Unit, the currency of the European Union was born (EuroRegion Network). This currency is
now being used throughout the member-nations of the European Union (EuroRegion Network). In terms of international bond issues, the euro is almost as important as the dollar. Each accounts for
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