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Aardrijkskundig・2 minutes read
The manufacturing industry has shifted to low-wage countries like the BRIC nations, leading to rapid economic growth, while the global production chain has become more interconnected and specialized to reduce costs and increase efficiency. Emerging markets in regions like Southeast Asia, East Europe, and South America are becoming more vital in the global economy, with China and India playing significant roles in shaping international trade and economic development.
Insights
- The manufacturing industry in Europe decreased from 70% to 50% between 1990 and 2018, with a shift towards low-wage countries like the BRIC nations, leading to their rapid economic growth.
- Global economic dynamics have shifted, with the emergence of new economic core areas like China and India, while the World Trade Organization works to eliminate trade barriers, fostering increased globalization and interconnectedness among economies worldwide.
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Recent questions
Why has the manufacturing industry shifted to low-wage countries?
Due to reduced production costs and rapid economic growth.
What impact did the invention of the container have on global trade?
Standardized shipping sizes and reduced transport costs.
How has the World Trade Organization (WTO) impacted international trade?
Aims to eliminate trade barriers for smoother trade.
What led to the economic center of gravity shifting towards Southeast Asia?
Emerging economies like China and India playing significant roles.
Why are emerging markets in East Europe, Turkey, Southeast Asia, and South America becoming important?
Creating a market for the manufacturing industry and driving economic growth.
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