Economic Growth in Late 20^th-century

The business sector has grown tremendously in the last century. The growth was characterized by massive changes and movements that occurred during the time (Early 20th-century economic trends, n.d.). Among these changes was the technological innovation that saw the wide application of technology in business. Information systems, computerization, and automation became more extensive than the previous centuries. The result of the application of technology in business was the mass production of goods and services, as well as the mass distribution of the products and services. Efficiencies in the production were increased.

The growth in the business sector during the 20th-century also saw the consolidation, as well as the centralization that gave rise to massive corporations known as trusts. The trusts dominated key industries (Economic Commission for Latin America). The result was cutthroat competition emanating from the huge business empires. More and more economic power was wielded by fewer and fewer people. Industrialization was also heightened as many more industries were established. Industrialization was witnessed not only in developed countries but also in developing countries. Several countries made huge steps in converting their economies from agricultural-based economies to industrial economies.

Trading block and integration of economies also occurred during this time. The interactions between several countries and the need to encourage international trade led to the removal of trading barriers between trading partners. The century saw the biggest increase in international companies or the MNCs (U.S. Department of State). The liberalization of markets made it possible for countries to trade with each other. The move also catalyzed further growth of the business sector whereby more idle resources were unleashed and exploited due to increased market. The growth of the business in the 20^th-century gave way to further development in the sector. So any of the developments witnessed today are as the result of those changes that occurred during that century.

Works Cited

Early 20^th-century economic trends, n.d. n.d. 21 March 2015. <http://www.westga.edu/~hgoodson/Economic%20Trends.htm>.

Economic Commission for Latin America. “Economic Growth in Late 20^th-century.” Macroeconomics of Development (2005): 21-24.

U.S. Department of State. American Economic Growth in the 20^th-century. n.d. 21 March 2015. <http://economics.about.com/od/useconomichistory/a/economic_20th.htm>.