Answer:
The expansion of world trade can be attributed to several elements of global trade, such as advances in transportation technology, reduction in trade barriers, and international agreements. However, one element that stands out as most responsible for expanding world trade is technological advancement.
Advances in technology have led to the creation of more efficient transportation systems, allowing for the faster and cheaper movement of goods across borders. For instance, the development of containerization has revolutionized the shipping industry by standardizing cargo size and enabling the efficient transfer of goods between ships, trucks, and trains. Additionally, the introduction of air transportation has significantly reduced delivery times, allowing businesses to reach global markets quickly and reliably.
Furthermore, technology has made communication more accessible, making it easier for businesses to expand into foreign markets. With the rise of the internet, businesses can now operate online stores, reaching customers from all over the world with minimal barriers to entry. The Internet has also made it easier for businesses to communicate with suppliers and customers, facilitating the flow of information and transactions.
In conclusion, while there are several elements of global trade that have contributed to the expansion of world trade, technological advancement stands out as the most responsible. Technological advancements have revolutionized the transportation industry, making it cheaper and faster to transport goods across borders. Additionally, the internet has made communication more accessible, allowing businesses to operate globally with ease.