In the past 30 years, globalization has given way to an international division of labor, with developing countries focusing on export manufacturing, while developed countries in Europe and the US concentrate on internationalizing service industries to drive economic growth.
The competitive advantages of these countries can readily be seen in the global financial market. For example, Taiwan has attracted a lot of global interest with its technology industry. The US is the home of leading digital service companies, such as Meta Platforms (Facebook), Alphabet (Google) and Microsoft. The country holds a virtual oligopoly of the global market for consumer digital