Standardization in Spain. Finance major – Research Paper Example

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Due to the development of commerce and trade, these standards were utilized for various transactions setting a foundation for contemporary standardization. The lack of standardization caused significant inefficiencies in the wake of the nineteenth century. Due to industrialization, the inefficiencies ranged from differences in width of railroad tracks, which required the changing of wheels at strategic points, explosions of boilers to incompatibility of fire-hose connectors. This led to need for standardizations efforts, which would ease the problems arising in various sectors (Welfrens 267). Hence, many products were not uniform and thus caused problems during utilization.

With time, standardization transformed many sectors from the manufacturing sector to service industries. Currently, agencies that formulate standards seek to ensure uniformity in all sectors and aspects of life. Standardization not only involves product specifications but also includes global sectors and issues like environment, safety and healthcare. Contemporarily, standardization has enhanced the quality of life by providing convenience and order as it is the reason for the success of phones, laptops and PCs networking among others (Shailaja 319). Therefore, standards are vital in the progress, success and development of companies and organizations.

Moreover, the trend led to the standardization of currency, which had a positive influence on universal trade and commerce. International standardization There have been questions from various quarters targeted at the importance of standardization. According to the ASTM (American Society of Testing and Materials), standards serve as a communication vehicle between producers and consumers as they define and formulate quality and safety criteria. Moreover, the agency argues that standardization has benefited organizations due to a reduction in costs of procedures.

Consequently, the interaction between various countries has led to the global trend as companies and countries require standards that streamline services and interaction between proponents and countries. Therefore, effective interaction between countries can only be accomplished by standardized services and products including currency as individual require currency that is acceptable to everyone in order to conduct a transaction. Due to globalization, standards have been developed to incorporate international issues and concern. The formulations of international agencies that ensure compliance of the standards are as a result of standardization efforts on an international level.

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