Trade and Globalization - Our World in …
https://ourworldindata.org/trade-and-globalization
Among the potential growth-enhancing factors that may come from greater global economic integration are: Competition (firms that fail to adopt new technologies and cut costs are more likely to fail and to be replaced by more dynamic firms); Economies of scale (firms that can export to the world face larger demand, and under the right conditions, they can operate at larger scales where the price per unit of product is lower);... Competition: Firms that adopt new technologies and cut costs are more likely to succeed. Economies of scale: Exporting firms can operate at larger scales, reducing production costs. Learning and innovation: Exposure to foreign competitors helps firms develop and adopt technologies. Improved trade, labor, and capital mobility have accelerated globalization. Access to larger markets leads to higher demand and cost reduction through economies of scale. Providing an incentive for countries to specialise and benefit from the application of the principle of comparative advantage.
Competition: Firms that adopt new technologies and cut costs are more likely to succeed.
Economies of scale: Exporting firms can operate at larger scales, reducing production costs.
Learning and innovation: Exposure to foreign competitors helps firms develop and adopt technologies.
Improved trade, labor, and capital mobility have accelerated globalization.
Access to larger markets leads to higher demand and cost reduction through economies of scale.
Providing an incentive for countries to specialise and benefit from the application of the principle of comparative advantage.
DA: 24 PA: 50 MOZ Rank: 4
