What Are the Dimensions of Globalization? Describe Each Dimension and Its

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The Answer is Trade
Trade has grown slightly faster than GDP and world trade has shrunk. The developments that will benefit global trade are:
1. Digital innovation and drive to sustainability: Digital innovation will continue to increase business opportunities as environmentally friendly products and business models are modified for different markets without being limited to a specific location. The high interconnectivity of economies will help bring about rapid change and the transmission of ideas globally. The global supply chain will need to adapt to respond to greater demands for sustainability.
2. Reverse innovation and mass customization: It is a phenomenon in which companies first develop products and services for emerging rather than developed economies. This demonstrates a shift from traditional mass production toward mass customization of products for specific markets. Companies will look to "glocalize" or determine the ultimate balance between globalization and localization. As intelligent systems are constructed that track information and consumer demand, companies will be able to better understand customer expectations and their influence.
3. Growth of micro multinationals: SMEs will be able to compete against larger firms by taking advantage of the digital revolution and high network interconnectivity. Digital platforms will create an even playing field, allowing SMEs to overcome cost advantages that prohibited them from participating in international trade. New technology such as 3D printing will allow smaller companies to deliver products globally like large MNCs.
4. Falling cost and rising speed of trade: Improvements in logistics will help expand trade. Advancements in transport technology and improved infrastructure will decrease shipping costs and lead to increased trade capacity, ultimately opening new trade routes.
"5. Ongoing trade liberalization: It will expand free trade and harmonize standards and regulations to reduce trade barriers. A more stable political and financial environment will make trade favorable for MNCs. New rules and trade and investment terms should allow countries to return to a multilateral system.
Foreign Direct Investment
FDI has outpaced trade and GDP. FDI growth rates have not fully recovered to pre-financial crisis levels. FDI flows to developed countries has fallen to the lowest level in a decade. Inflows to the United States have fallen, flows to Europe have fallen, while Asia has received the bulk of inflows. Services account for the majority of investment, accounting for 63% of global FDI stock, doubling manufacturing shares. Increasing global flows has resulted in inward FDI flows to the U.S. They were driven by the improved performance of the US economy as well as cross-border M&As centered on reducing companies' tax obligations.
People
Increased global connectivity allows for the free movement of people more frequently and the ability to migrate for temporary and permanent jobs. Communities are continuing to adjust to the growing complexity and diversity within their populations. As the global population ages, countries will look to attract migrants to solve the labor shortage issues. Economies that are unable to fill this void and experience stagnant or negative population growth will struggle. Furthermore, the global workforce has become more diverse from a gender and ethnic perspective. Country of origin no longer determines a worker's geographical scope.
Information
The Internet helps convey distant information that connects everything around us. This enormous influence of overflowing data and information has led to "information claustrophobia." Convergence of information has also resulted in the development of "smart" machines and telecommunication technology that help us learn, improve, and understand task-specific contexts."

What Are the Dimensions of Globalization? Describe Each Dimension and Its

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What Are the Dimensions of Globalization? Describe Each Dimension and Its

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