Economy of the 21st Century Represents an Essay

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Economy of the 21st century represents an economy which has undergone a complete metamorphosis from the old techniques of doing business to a completely new dynamic ways of conducting business which has largely been influenced by the increased technological advancement among the nations and the interconnections of the global markets. The transformation of the economies have been driven by the global shifts in consumptions, investments, savings, competition, political and environmental changes and the new rules of management where new business models have been put in place. The transformation of the work place has been given priority and today's workplace represents employees who are empowered and are more responsible with more emphasis on teamwork and productivity different from the old ways where power was centralized at the top.

Globalization has contributed largely to the opening up of the global markets and the interconnection of nations has improved due to the removal of border restrictions which in return has initiated a drastic change in the way business is conducted globally. Stiff competitions in the global markets have contributed to the major changes which have revolutionized various business aspects where countries strive to remain competitive stay relevant by adopting the new business and management modules. The increased competition has resulted into countries being highly innovative with a global perspective of being able to reshape their strategies to fit into the International market, hence the need to engage a workforce that drive the economies to fit into the shifting trend in the economic environment ( Jerry W. et al., 1993).

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The increased level of education across the world has contributed much to the changes where people have increasingly become informed with ease of access to information there is a much faster way of getting information and acquiring the needed skills. People are shunning the older ways of doing business and the methods of interactions have greatly changed, technology has made it easy and businesses are being conducted while on the move. The global news is shared in real time and what happens in one corner of the economy reaches the rest of the world at a faster rate, and actions by economies to cushion themselves from the spillover effects are taken immediately to enhance stability. The innovative ways of marketing through the latest technologies such as the usage of social media has changed the future of the economies, the interactive nature of the world has enabled businesses to gather information and there is a direct link between the business and the world where they are able to gather feedback and make improvements on products and services.

The ever changing customer demands and preferences have kept the businesses on their toss and products are becoming better by each day. The broadness in the technological aspects has enabled organizations to import skills from other parts of the world where people have been able to….....

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