Describe the shifts in the world economy over the past 30 years. What are the implications of these shifts for international business based in Great Britain? North America? Hong Knog?

• Emergence of China

There are so many different aspects that have affected the world economy over the past 30 years, however I think one of the most notable shifts has been the emergence of China in global trade. You will notice that the majority of products you have will contain the inscriptions 'made in China' displayed on it. The country has become a major contributor to the economy. This in turn has affected the other positions of the other countries around the globe. For example, in China workers will be willing to work for less money in poor conditions which is not generally the case in the other countries you mentioned.

• Recession

The most recent recession affected the globe on a whole, with the United Kingdom and the United States being affected hugely. They have always been major players in the economy however, after the crisis both countries were forced to make cuts and unemployment rose. In addition, the value of the dollar and the British pound dropped rather heavily.

• Switch from the West to the East

Some have suggested that the recession which was ultimately caused by the Western countries of the world, has kicked off the financial shift from the West to East. If you consider places such as Dubai, which bring in a huge economy in terms of the tourism industry then you can understand why these countries are becoming more financially powerful. In addition, the Middle East has access to oil which contributes a lot to the world economy since the globe requires this type of natural resource.