Sample Essay
According to the studies of Howe, Propst & McMahon (1997), “The global economy is currently characterized by various changes that result from globalization and the ever advancing technology (p. 4). Further studies illustrate that there are various trends that are observed and the same result to the changing economy. Currently, manufacturers are using fewer raw materials to manufacture their products. The current global economy is also marked by less demand for physical labor and as a result, the cost of production largely depends on the applications used during manufacturing other than on human resources. Concisely, this means that most manufacturing firms are capital intensive rather than labor intensive thereby requiring the textile industry in Belgium to embrace these technological applications. Lastly, financial markets have become global because globalization has led to integration.
The global economy has been characterized by international trade composed more of human resources, financial capital and ideas. It is therefore clear that though initially the success of a country was based on the availability of natural resources, currently, that is not the case since the most important factor is adding value to the products. As a result, countries like Japan, which are able to use the most advanced technology in production, have ended up being the economic giants (Howe, Propst, & McMahon, 1997, p. 7).
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