Globalization through technology has had a favorable impact on the global economy.
Over the years, technology has come a long way in easing our life to a very large extent. And not just that, it has also managed to shrink our planet and lead way to globalization. Globalization through technology has had a favorable impact on the global economy. Let’s look at the factors that support this statement:
Increase in Knowledge:
Thanks to the World Wide Web, we are now connected to the entire globe 24*7 and have access to any information we might need from all over the world. There is not much that the various search engines we have today won’t let us know. All the businesses are transparent and the surge in telecommunication has made the global exchange of data possible.
With the speeding up of transportation, business corporations have been able to bring down the manufacturing costs of their products to a very large extent. Nations are now so well connected that companies can search for the least expensive supplier globally. This has resulted in cheaper products, the benefit of which can also be passed on to the end consumer.
Of course, a manufacturer would want to pick the company that gives him the maximum profit margin at the lowest cost, without affecting the quality. So all the companies have to compete with each other now on a global level to sustain themselves in the market and keep up with the global trends.
Innovative navigation advancements like GPS systems, Cellular and Wi-Fi signals, satellite tracking, and much more have revolutionized the way we travel today and made it safer. Global businesses today make use of technology to increase the efficiency of their cargo ships and other vessels leading to saved time.
Advances in Telecommunication:
The first decades of the 21st century opened the doors to instant communication. The businesses in earlier years would rely on fax machines, telephone calls, and postal services, for all their business communications. But with advancements in the technology, emails, broadband communications, video calls, etc. are now possible and these options have simplified long-distance dealings.
Better Banking Systems:
The banking systems of the world are also progressing with every new technological advancement. Facilities like RTGS, NEFT, and IMPS have made fund transfers easy, fast, and convenient on a global scale