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The world is currently experiencing a dramatic change in the economy with the emerging forces in the world s most rapidly developing nations. These nations have the greatest market share in the global perspective and are a serious threat to established world corporations (Agtmael 2007). Most of the companies in the emerging economies have combined their production trends with information technology, which is encouraging innovation and creativity. Currently there are hundreds of companies from the emerging market that are global competitors.
The most notable as described earlier are the Chinese and the Indians; scholars have ascertained that if the current trend in their development is not affected in a negative way, then by the year 2050, China and India would be among the three topmost powerful economies of the world (Marber 2008). Economic analyses have found that the leading companies from the emerging economies are growing at a very fast rate estimated at about 25% per year and more than 29% of their revenue is collected from foreign market, this is expected to grow up to 40% by 2010.
Conclusion The social and economic changes in the world have been very critical in determining the economies of the nations. The development of the world financial market has lasted for over a century with different states changing their positions in the system. Bureaucratization is the notable early development of economic policies that saw increased collection of taxes in old empires and eventually enhanced the states ability to borrow money further increasing bureaucracy.
Major phenomena that stimulated economic development were agriculture and capitalist economy, but the recent and significant of them was the industrialization which has intensely revolutionized economy.
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