Question

Explain in 150-250 words your understanding of the history of international business

Answer 1

International business refers to the trade of goods, services, capital, technology, knowledge between the countries of the world. International business is also known as globalisation. IT is defined as the transactions that are carried out across national borders.

History of international business in nutshell.

International business started with the evolution of human civilisation. It has been practiced for thousands of years. After the establishment of routes in the Mediterranean Sea, the Mesopotamians, Greeks, Indians did trading. As industrial revolution emerged, flow of goods, resources and funds enriched. Colonial government further intensified global trade. Industrial revolution was in its full swing by 1980's.

Factors effecting (leading) to growth in international trade.

The introduction of telegraph, telephone, wireless, aeroplane, television were all the key factors responsible for rapid growth in international business. With introduction of IT, IT based industries started grooming and mushrooming all around the world. In post world war period several economic unions were formed like The European Union, NAFTA, ASEAN etc which Liberalised international trade. It got some set back when countries imposed barriers on international trade to protect their own industries. Further after the establishment of WTO member countries had to reduce these barriers.