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International Trade and the Golden Triangle
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4. Source: Atkinson, Robert D. and Daniel K. Correa. “ The 2007 State New Economy Index: Benchmarking Economic Transformation in the States.” Kauffman Foundation and The Information Technology &Innovation Foundation The Global Economy – A Paradigm Shift Issue Old New Markets Stable Dynamic Scope of Competition National Global Organizational Form Hierarchal Networked Production System Mass Production Flexible Production Key Factor of Production Capital/Labor Innovation/Ideas Key Technology Driver Mechanization Digitization Competitive Advantage Economies of scale Innovation/Quality Relations Between Firms Go it alone Collaborative Skills Job-Specific Broad and Changing Workforce Organization Man “ Intrapreneur” Nature of Employment Secure Risky
The manner in which the downturn spread across the globe like a contagion shows that nations are economcially more integrated than ever and globalization will continue to be an integral driving force in the world economy.
Intrapreneur: a corporate executive who develops new enterprises within the corporation (Webster)
Leading factors: China GDP growth & for Europe: dollar depreciation
Exports are positive force for Texas: Texas can never compete with China/India but competitive advantage resides in high skilled jobs. Export-oriented jobs almost always are higher-wage than average.
Caveats: Global trade keeps a lid on inflation Global trade creates flow of ideas and promotes efficiency Unfettered capital creates greater foreign investment FDI may be one of only things to save US at present