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During the last decades of the 20th century many barriers to international trade fell and a wave of firms began pursing global strategies to gain competitive advantage. Rather than thinking in terms of national markets and national economies, leaders of business thought in terms of global markets.

During the last decades of the 20th century many barriers to international trade fell and a wave of firms began pursing global strategies to gain competitive advantage. Rather than thinking in terms of national markets and national economies, leaders of business thought in terms of global markets.