How have changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes? 2. If current trends continue, China may be the world's largest economy by 2030. Discuss the possible implications of such a development for (a) the world trading system, (b) the world monetary systems, (b) the world monetary system, (c) the business strategy of today's European and US-based global corporations, and (d) global commodity prices.

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