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As the world economy has struggled to regain its footing amidst the events of the past few years, Chinese exports have skyrocketed in the global market, rapidly increasing production to cover the quickly-rising global demand. In just one year, China's trade surplus with the US alone rose to $335.5 billion in 2021, up from $308.1 billion in 2020.
Taiwan is the leader of the global semiconductor industry, with TSMC alone accounting for more than 50% of the global wafer foundry market in 2020. [37] In 2021, Taiwan experienced its worst drought in more than half a century, [38] leading to problems among chip manufacturers that use large amounts of ultra-pure water to clean their factories ...
Another major project is the BMBF project RES-COM, [77] as well as the Cluster of Excellence "Integrative Production Technology for High-Wage Countries". [78] In 2015, the European Commission started the international Horizon 2020 research project CREMA (cloud-based rapid elastic manufacturing) as a major initiative to foster the Industry 4.0 ...
The digital economy has had a substantial impact on retail sales of consumer product goods. One effect has been the fast proliferation of retailers with no physical presence, such as eBay or Amazon. [29] Additionally, traditional retailers such as Walmart and Macy's have restructured their businesses to adapt to a digital economy. [30]
Productivity-improving technologies date back to antiquity, with rather slow progress until the late Middle Ages. Important examples of early to medieval European technology include the water wheel, the horse collar, the spinning wheel, the three-field system (after 1500 the four-field system—see crop rotation) and the blast furnace.
Labor markets consist of workers, employers, wages, income, supply and demand. Labor markets have been around as long as commodity markets. The first labor markets provided workers to grow crops and tend livestock for later sale in local markets. Capital markets emerged in industries that require resources beyond those of an individual farmer. [6]
Michael Spence has advised that responding to the future impact of technology will require a detailed understanding of the global forces and flows technology has set in motion. Adapting to them "will require shifts in mindsets, policies, investments (especially in human capital ), and quite possibly models of employment and distribution".
The attributes that make disruptive technologies unattractive in established markets are often the ones that have the greatest value in emerging markets; He also argues the following strategies assist incumbents in succeeding against the disruptive technology: They develop the disruptive technology with the "right" customers.