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Describe the Shifts in the World Economy over the Last 30 Years. What Are the Implications of These Shifts for International Businesses Based in Great Britain? North America? Hong Kong?

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Describe the shifts in the world economy over the last 30 years. What are the implications of these shifts for international businesses based in Great Britain? North America? Hong Kong?
The past 30 years have seen dramatic changes in the world economy. Where the power of world dominance had been shifted from one to another and also some countries which were at the bottom of the world economy have risen to be at the top. Where counties like U.S and Great Britain rose to the top in the initial phase and in the later phase faced greater challenges from developing countries like china, brazil etc which rose to 2nd and 7th largest economies from 8th and 16th respectively in 1970’s.
As mentioned in (A World of Change -- Finance & Development, September 2014) Post war reconstruction helped many countries to become world leaders in economy as many companies expanded their capacity and became multinational. U.S which accounted of 1/3rd of the world’s output in this phase experienced its biggest expansion due to these big industries. Many European countries like Great Britain also experienced the same growth as United States.
Due to the greater reforms in the world politically many of new independent countries emerged. Number of independent countries raisen from 139 in 1965 to 204 in 2014. These newly independent countries started participating in the world economy. According to the during the past decade these emerging economies account for 70 percent of the global growth whereas the advanced economies accounted only 17 percent of global growth.
Science and technology played a vital role in the globalization that witnessed transformation of many companies into global giants or multinational MNC’s. With the advancement in technology and globalization many big MNC’s invested in smaller countries to increase their profitability, which in turn triggered the growth of GDP in smaller countries. According to (Sung & Wong 2000) the emergence of china in the world economy helped Hong Kong’s economy too due to the relations between two countries, the migration of labor from china and the and also Hong Kong being entrepôt of goods between china and the rest of the world. Places like Hong Kong mainly depended on both economical as well as technological growth and that was only possible by involvement of academics with practical work involvement alongside. Hong Kong had to continuously work towards developing new ideas and producing product which was in constant demand and this led the rise in technology which in a longer run turned out as a major factor of growth.
The above finding goes ahead in developing the ideas of the actions that were incorporated by businesses based in major nations like North America and Great Britain which did not just help in finding a secure position in the world market but also inflated a sense of threat for developed nations such as America. It is observed that although multinational firms based in North America and Great Britain progressed over the years and emerged into giant economy players, there market shareb in the world economy suffered because of the competition posed by some of the businesses in developing countries like Hong Kong, China, India, Brazil etc.

Reference:
A World of Change -- Finance & Development, September 2014 2016, viewed 17 April 2016, <http://www.imf.org/external/pubs/ft/fandd/2014/09/kose.htm>.
Sung, Y & Wong, K 2000, "Growth of Hong Kong Before and After its Reversion to China: The China Factor", Pacific Economic Rev, vol. 5, no. 2, pp. 201-228.

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