Logistics Economics and Globalization: A Comprehensive Review
Keywords:
Globalization, Supply Chain Resilience, Logistics Economics, Stakeholders, Economics.Abstract
This comprehensive review explores the intricate relationship between Logistics Economics and Globalization, tracing its evolution from a peripheral function to a pivotal force shaping the global economy. Logistics economics, as the efficient orchestration of goods, information, and resources across supply chains, is analyzed for its economic significance, ranging from cost reduction to fostering economic growth. Globalization, characterized by heightened interconnectedness, has catalyzed transformative changes in logistics, impacting trade patterns, supply chains, and consumer behavior. Delving into current trends, we investigate the surge in e-commerce, sustainability initiatives, digitalization, and supply chain resilience. These factors have reshaped the logistics landscape, presenting both challenges and opportunities. We explore these challenges, from transportation bottlenecks to regulatory hurdles and cybersecurity threats, that stakeholders must address. Through illustrative case studies, we analyze how entities like Amazon, the Panama Canal expansion, and the pharmaceutical supply chain have harnessed logistics within globalization. In conclusion, we provide strategic recommendations emphasizing resilience, sustainability, international cooperation, and technology adoption to guide stakeholders in navigating the dynamic intersection of logistics economics and globalization. This review underscores logistics as a linchpin in the globalized world, shaping economic, technological, and geopolitical landscapes.
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