Globalization is not a recent phenomenon; it began in the 1870s when international trade and investment expanded to sell mass-produced products worldwide, driven by technologies such as steam engines and electricity. The peak of globalization occurred in 2019, just before the COVID-19 pandemic outbreak. The economy advances primarily through improvements in productivity. The technological advancements mentioned have significantly influenced this productivity growth. For example, a smartphone, which combines the functionality of a computer with that of a mobile device, exemplifies technological progress that has brought convenience to mankind. However, smartphone technology and network effects haven’t contributed to the expected boost in human productivity. Technology can be categorized into those that enhance productivity and those that do not. Although today’s technology development exceeds that of the past, it doesn’t automatically lead to greater productivity. To build wealth, incre...
The reorientation and expansion of a business should be planned and decided in terms of customer synergies, not company synergies. It may be more successful to offer a customer who buys apple jam an extra slice of bread to spread it on than to provide a customer who buys apple jam an extra jar of peach jam. It's easier for the jam seller to give away an extra jar of jam, but for the customer, the bread is more valuable than the jam. - Joseph’s “just my thoughts”