what is the defining feature of globalized cities

It is for convenience, as supported by conventional economic theory, when trade promotes economic efficiency by providing a wider variety of goods, often at lower costs. It should take place only if there is a benefit for the partners involved, underlining that the rationale for trade can be a convenience but also a necessity. International trade is an expansion of the market (or exchange) principle at a scale beyond the region or the nation. The Flows of Globalization The Silk Road and Arab Sea Routes Major Global Trade Routes 1400 1800 By the mid-19th century, trade was taking an increasingly active role in the economic life of nations and regions, and after the mid-20th century, trade became an active tool of economic globalization.

Commercial and technological developments have allowed trade to occur at an ever-increasing scale over the last 600 years. Historically, trade was limited both by the demand and the capacity to transport cost-effectively goods having a market value at the destination. Trade is an integral part of economic and cultural history, as ancient trade routes such as the Silk Road can testify. International trade, or long-distance trade, has taken place for centuries, with some ancient trade routes predating history.

Each nation is involved at different levels in trade to sell what it produces, acquire what it lacks, and produce more efficiently in some economic sectors than its trade partners. In a global economy, no nation is self-sufficient, which is associated with specific flows of goods, people, and information. International trade is subject to the regulatory oversight and taxation of the involved nations. Inbound trade is defined as imports, and outbound trade is defined as exports. International trade is an exchange of goods or services across national jurisdictions.

What is the defining feature of globalized cities