The third aspect of today's globalization that is different is the relative novelty of global supply-chain management. Advances in information technologies, specialized production processes, and reduced communication and transportation costs have all led to a whole new range of goods and services becoming tradable.
For example, over the past 30 years, the share of imports as a percentage of manufacturing production has tripled to nearly 30 per cent. 10 These developments mean that firms are now able to increase production efficiency in ways previously unimaginable.