Advances in technology are one of the main reasons that globalization has escalated in the past decade. In information and communication technology, innovations have become smaller in size, more efficient and often more affordable. In transport technology, vehicles have tended to become larger and faster, as well as becoming more environmentally friendly and cheaper to run. Whether for personal use or for business, technology has made the world seem a smaller place and assisted in the rise of globalization.
The tends of technological changes have taken place since the industrialization revolution, relating from production, distribution and communication, that has fueled the globalization. It has brought about innovation and interaction between nations that weren't possible before. That has led to some of the greatest innovation and interaction between nations that weren't possible before. That has led to some of the greatest invention that revolutionized trade, communication and interaction to a whole new level and increased globalization. As Thomas Friedman's said "Globalization is not a choice. Basically, 80% of it is driven by technology".
According to Cable (1995) Transportation costs are failing with improved physical communication with the help of improved technological advances in telecommunication, computing, fiber optics and satellites. Which has resulted in the speeding up of information flow and the transportation of goods across nations more quickly and efficiently. This is being achieved through the technologies mentioned above, that is the heart of the communication and transportation globalization, which is on going. Joseph Schumpeter has called it a "glaze of creative distraction". Take for instance transportation system wouldn't have been made possible without the invention off "steam engine in 1976 a problem solved by James Watts".
The diffusion of steam engine technology to streamline ships, with the help of propulsion technology and the introduction of "Jet Aircraft in 1950s" brought about new dynamics of globalization which has allowed flexibility in movement of labor freely. This innovation has allowed massive economic expansion to take place and caused "Global Shrinkage", in terms of distances.
Improvements made in transportation and the development of containerization allowed goods to move from place to place and continent to continents. Shipping ports around the world have cranes built to lift the containers more efficiently and thus saving money and speeding trade.
Technological development has helped increased globalization. A prime example of technological globalization is that China and India have benefited economically as technologies like airplane, container ships have allowed China to export its goods to Europe and US vice versa and allowed countries to exploit their comparative advantages in trade.
The Internet/World Wide Web has been the biggest thing to come out of Information technology advancements. That has revolutionized how information is passed or its availability thus creating an economy based on knowledge. The internet has been described as "a decentralized, global medium of communication comprising a global web of linked networks and computers". As people across countries can trade and communicate instantaneously economically, for example e-main has allowed instant communication through the World Wide Web, World Wide Web on the other has made "World One" as countries can now trade with each other, all made possible due to the cost effectiveness technological advance like the internet/world wide web. Where information is been exchanged at a global level instantaneously. As "Information is the new mantra that spells success in the modern world".
Modern technology like the Internet has given rise to E-commerce; E-commerce that refers to business conducted through means of electronic communication networks like Internet. That has brought about new dynamics to the globalization of businesses. Where virtual business can be set up and trade worldwide without any barriers stopping them.
Another sector that has seen the biggest impact because of technological globalization is the financial sector, where diffusion of information based technology has made possible people around the world to trade 24/7 trading has moved to electronic system from the physical system making money move more efficiently and on a faster level, thus allowing more participation of those people who are connected with the internet.
Modern technology has also impacted the cultural globalization with inventions like telephone and television. Telephone has made it feasible for any one to talk to each other regardless of where they are geographically in the world, all made possible with the help of satellites and mobile phones that has made possible to make a call, receive e-mail, texts and even allow video call. It is due to technological advancements made in the field of communication, as seen no countries are now really apart. All made possible due to technological breakthrough in communication that have revolutionized business, commerce and linked millions of people. TV on the other hand has connected parts of world, where they feel and see without having to leave the room. On TV'S by just a touch of the remote button, that allows people to explore worlds on different channels it is made available because of Internet, communication advances and with the help of sounds and visual that are transmitted through the TV. Communication technology has brought the world closer and people closer regardless of where they are in the world.
We have found out that form the 1st industrial revolution Technology has had a great impact in the globalization as it help join the world together, where distance is no barrier for trade and is considered to be an essential part of economic globalization activity. As Friedman pointed out that 80% of globalization is technology driven. The technological development made in areas like communication and the invention of telephone and Mobile phones all with the help of satellites has made help removed the time and distance that has excited before. Transportation on the other hand has allowed trade to take place more efficiently and cost effectively with the help of the containerships, Jet Airplane and electric trains. It has helped facilitated growth between nations, as countries are able to take advantage of their comparative advantages as large goods can be exported and imported between countries.
The spread of information technology has made production networks cheaper and easier, all made possible because of digital networks like the Internet that is cost effective. This has been one of the fundamental economic globalization factors that have helped overcome the friction of distance and time. Without these technological advancements globalization would not be made possible or even achieved.
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