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The global marketplace is changing at a faster rate in terms of the flow of raw materials, technology, and manufactured goods. The world has become a small village with people trading with international partners. For example, a trader in America can source raw materials from China, manufacture goods in the United States, and sell them to consumers in Africa, Asia, and Europe. As an alternative future, a global marketplace is part of an information revolution. This means that it is creating, storing, transmitting, and using data, especially the scientific and technical knowledge to thrive. Therefore, in the future, information will become a primary force to reckon with just like growing food was in the past (Harper & Leicht, 2018). The presence of specialized knowledge on consumer needs, production of goods, and communication are some of the aspects that have helped promote an effective global marketplace.
The global market is more interdependent than the conventional markets. Currently, traders, manufacturers, and consumers are pulled together in an intricate web of interdependences that have both environmental and social proportions. Traditionally, markets used to exist as distinct units that could be studied alone. However, a global market has created a high level of interdependencies amongst markets, which requires people to watch the political, economic, social, and demographical forces of other markets in determining future trends (Harper & Leicht, 2018). Therefore, the prices of commodities are not only dictated by local conditions but international forces too.
The third aspect that affects a global market is sustainability. Soon, maybe decades to come, the world will need to house, nature, feed, clothe, and educate twice the number of the current world population to make it sustainable to live on earth. However, to achieve such a fit, the global marketplace system will need to be integrated to sustain life and ensure that the supply chain is not broken (Harper & Leicht, 2018). Therefore, the global marketplace will need reasonable, and secure global organizations, communities, families, and nations to ensure the perpetuation of the market.
References
Harper, C., & Leicht, K. (2018). Exploring social change: America and the world (7th ed., pp. 343-369). Taylor & Francis Group.
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