The growth in global trade has been greatly helped by technological developments in transport. A shrinking world – how the increasing speed of transport has ‘shrunk’ the world.

Maersk is the world’s largest shipping company Containerization

Sea trade flows connecting producers and consumers in 2011

Changing pattern of global trade since the 1980s

The main cogs in the working of the global economy Flows are the things that move through those networks – e.g. raw materials, manufactured goods, money, migrant workers, information and aid. Networks are the ‘spider’s webs’ linking countries together – e.g. transport networks, the telephone, the internet and trade blocs. Players are the organisations that have a great influence on the workings of the global economy. They include the huge business empires known as transnational corporations (TNCs) and a wide range of global organisations.

3 trends have made globalisation easier:- 1. Lower transport costs: changes in shipping, containerisation & aircraft technology, have reduced the costs of transporting goods. 2. TNC merger and growth. TNCs have grown as a result of sales , or mergers with other companies. 3. Much of China’s economic growth has come from state-led investment by the government.