An examination of the economic development of global markets, focusing on Latin America as an example.
This paper discusses globalization and economic marginality, defining the terms and explaining the economic history behind the development of global markets, what effect it has had on the world and regional economies and the track record of the theory that increasing globalization will raise the standard of living for those in developing countries, with focus on Latin America.
“The impact of information and communications technology; globalization of markets leading to bigger, more diverse markets and increased competition; and the constant pressure to increase efficiency while reducing costs. To compete effectively, companies are challenged to create new products, maximize efficiencies at the factory and corporate level and increase penetration within existing markets, all the while keeping customers satisfied with high levels of service which may span several time zones. Old values of long service and loyalty are being replaced by high productivity, effectiveness and adaptability to changing conditions.”