Visual Capitalist: 8 Forces Shaping the Global Economy

Globalization, while less popular in some countries, still contributes to rapid change throughout the world. Global networks allow for immediate spread of new ideas, and Jeff Desjardins of Visual Capitalist identifies eight forces of global change with striking information graphics: Technology, data analysis and artificial intelligence contribute to efficiency; tech companies now represent the largest US publicly-traded companies and continue to transform all industries including health care and finance. The definition of money is fluid, and the world increasingly relies on debt – a total nearing $250 trillion. As inequality runs high, savers hope to shield wealth from inflation and instability while the young embrace sustainability. Asia, particularly China, is a source of growth, with the GDP of many cities equal to that of some European nations. Technological change is exponential. “Not only is the speed of change getting faster, but for various reasons, markets are able to adopt new technologies faster,” Desjardins explains. “New products can achieve millions of users in just months.” And once-trusted products fall out of favor just as quickly. Less than two centuries ago, wood was the world’s sole energy source; the transition away from fossil fuels toward renewables may be swift. Varying fertility rates around the globe ensure ongoing migration. Free trade offers benefits to all parties but political leaders, fearing change, often resist. Still, as Desjardins concludes, rapid change is inevitable. – YaleGlobal