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List the Four Profound, Independent Social and Technological Changes Described

question 14

Essay

List the four profound, independent social and technological changes described by Friedman that combined during the 1980s to make the globalization of the world economy possible. Give an example of each change.


Definitions:

Zero-Interest Financing

A financing arrangement where the borrower does not pay any interest on the borrowed amount, often used as a promotional strategy by retailers.

Monthly Payments

Regular payments made each month, often associated with loans or leases, intended to repay borrowed money plus any applicable interest.

Rate Of Interest

The percentage of an amount of money which is paid for its use for a specified time, often annually.

Compounded Annually

Refers to the process of calculating interest earned on an investment or loan on an annual basis, where the amount earned is reinvested to earn additional interest in subsequent years.

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