market will tend to make it appear smaller.

In recent decades, there have been two especially important shifts affecting how we define markets: one

centers on technology and the other centers on globalization. In addition, these two shifts are interconnected.

With the vast improvement in communications technologies, including the development of the internet, a

consumer can order books or pet supplies from all over the country or the world. As a result, the degree of

competition many local retail businesses face has increased. The same effect may operate even more strongly

in markets for business supplies, where so-called “business-to-business” websites can allow buyers and

suppliers from anywhere in the world to find each other.

Globalization has changed the market boundaries. As recently as the 1970s, it was common for measurements

of concentration ratios and HHIs to stop at national borders. Now, many industries find that their competition
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