Keeping pace with globalizing economy

Important factors in globalization are the rise of transnational corporations and the consequent diffusion of new technologies and common work practices. The operations of these giant corporations, together with the revolution in communications technology and transportation, have enabled the growth of truly global systems of production and distribution. Globalization has been accelerated by important policy and institutional changes, including the dismantling of trade barriers and capital controls, and the creation of a multinational trade regime regulated by the World Trade Organization (WTO).