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Five major trends have influenced world trade and global marketing. First of all, it is a massive fall in national economic protectionism that has brought a decline in tariffs and quotas and thus opened numerous opportunities for world trade and global marketing. Secondly, it is economic integration and free trade agreements formed by the foundation of the European Union, the North American Free Trade Agreement, and the Eurasian Economic Community (Altenberg, 2018). Thirdly, it is the emergence of international companies, which created a shared marketplace and a global consumer. Fourthly, advancements in technologies in the 20th century have played a significant role in developing world trade and global marketing. It includes innovations in fuel and power, transportation, the use of new sources and materials, communication, space, and other technologies. Last but not least, the emergence of the Internet has radically shaped the way people exchange goods, services, and information in the world, which has significantly impacted world trade and global marketing.
In my personal view, without world economic integrations and free trade agreements, it would be impossible to imagine a modern world trade and global marketing. The development of unions was a long process that began in the 20th century in Europe from the Benelux Economic Union. Later, the European Coal and Steel Community was created, which was a platform for the future European Union and the European Free Trade Association. Further, other regional and global unions were formed, including Economic integrations in Latin America, ASEAN, the North American Free Trade Agreement, and WTO. These organizations have influenced all the trends mentioned above: they further declined the economic protectionism of sovereign countries, played a significant role in global trade development, and thus in the emergence of global companies, and all these factors together have led to the further advancement in technologies and the future invention of the Internet.
Reference
Altenberg, P. (2018). Economic integration works: The trade effects of regional trade agreements. National Board of Trade Sweden, first edition, 1-37.
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