Paper
The Automobile Industry has seen sweeping changes in the recent past -Thanks to the entry of many Multinational Companies such as, Ford, Hyundai, Mitsubishi, Daewoo. These Multinational companies have set up their operations internationally not only to cater to the domestic market but also to tap the international market. The automobile has served as a 20th century “Engine of ingenuity” for world economic growth and development. The article “Market discounts strength in autos” implies that automobiles, with advanced technology, will continue to spur economies into the 21st century. The automobile will link together the developed realm and less developed realm much faster than expected.
Since the days of Henry Ford the automobile industry has served as a model of economic expansion and technological progress based on mass production. But from the mid-1970s, sweeping changes in markets and technology have transformed international competitive conditions and spurred automobile manufacturers in every country to experiment with new strategies based on greater product diversity and more flexible methods of production.
Third world countires are seen as the economically underdeveloped countries of Asia, Africa, Oceania, and Latin America and are considered as an entity with common characteristics, such as poverty, high birthrates, and economic dependence on the advanced countries. Many developed realm countries have begun to see an opportunity for profits by placing their automobile factories in these less developed countries.