(Individual Research Project on) The Development of Transportation Essay

(Individual Research Project on) The Development of Transportation Technology and its impact on International Trade - Essay Example The Development of Transportation Technology and its impact on International Trade Introduction Countries or any geographical territories or any organizational entities will do business with others, in order to fulfill their needs, to get profits and also to develop their economies, thereby leading to international trade. International trading will be initiated when a country or its organization has a product, which may be needed or being used in some other country. Thus, international trading provides opportunities for various countries in the world, to acquire products or items, which they may not be able to affordably manufacture themselves. This form of international trade provides the end customer with a wide range of products and services, thereby improving their standard of living and comforts. However, the key factor or kind of ‘bridge’, which aids this international trade or even a domestic trade, is the transportation modes. With geographical territories or pot ential markets spread out in various corners of the world, the physical distance has to be covered to reach the product to the intended consumer. These physical distances, which may not by manually covered by humans, can be covered only with the use of transportation modes ranging from land transport vehicles, ships, aircrafts, etc. Although, earliest modes of mechanical transportation like ships were developed to explore new territories, the fact is, the ships were maximally used in those days mainly by merchants for trading. Then in the course of history, as technology got developed, the transportation modes also became more advanced, further developing international trade. Literature Review Advancements in transportation technology has aptly ‘fueled’ development of international trade, transforming the lives of people all over the world optimally. As Claval (2009, pg.9) stated, â€Å"The new facilities of transport and communication allowed for a rapid transformatio n of the horizons of expectation of ordinary people all over the World†. This perspective about transportation’s role was supported by Stiglitz (2002, pg.9) as well; who stated that transportation has led to closer integration of the countries and peoples of the world, â€Å"breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and people across borders†. This role of transportation is very true because the ‘footprint’ or even a ‘wheel mark’ of transportation around the world has brought about various optimal changes, including in International trade. This fact was validated by Vossos (2011) who stated â€Å"Transportation of goods is one of the most important issues of international trade, as the speed of delivery and preservation of products' quality are major success factors for companies†. The key aspect, which optimizes this role of transportation, is the newer form of technologies in the t ransportation sector, and that includes the earliest form, starting from wheels to current day supersonic engines. As Vossos (2011) further states, â€Å"the term "transportation technology" refers to all advancements since the invention of the wheel.† Although, ships have been aiding a lot in international tra