Are Standards Still Important? Even More So in the Global Economy

Standards are increasingly important in our modern global economy – supply chains can be dizzyingly complex, and implementing the economic theory of comparative advantage has been more and more possible as the relative cost of transportation has declined over the years. Since the 1890s, the United States has been the world’s top manufacturing country. The world continues to change. Recently it was reported that China surpassed Japan as the second largest economy, and it is estimated that China will soon surpass the United States.