00:03
In this chapter, we've discussed market forces of supply and demand, and let's think about how this takes place or how this can be expanded or generalized to not just a single country or single economy, but the global economy.
00:47
So global market forces of supply and demand, they are mediated by, market institutions and political processes.
01:52
So the direction of these influences can vary by country.
01:59
And while the same forces, including introduction of new institutions and ideas, can act on many different national and regional economies, the dynamics of each interaction, the results with a different outcome.
02:20
So depending on how these forces interact with each other, let's look at an example to think of this.
02:50
Let's look at telecom industry.
02:55
So in mobile industries, there's the feature that technology is evolving.
03:21
And this affects the global market...