Impacts of technology on the rise of globalization is a significant topic of discussion currently. Positive impacts of technology considerably facilitate globalization. Technological progress is one of the leading forces driving globalization. Technological breakthroughs compel business enterprises to become global by increasing the economies of scale and market size needed to break even. Patented technology encourages the rise of globalization as the firm owning the patent can exploit foreign markets without much competition. Information technology leads to the emergence of the global village. For example, the world wide web reduces the barriers of time and place in business dealings. Buyers and sellers can now make transactions at any time and any part of the globe.
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RISE OF GLOBALIZATION IN THE DEVELOPING WORLD
Globalization compels businesses to adapt to different strategies following the positive impacts of technology and approaches to new ideological trends. This change enables companies to compete worldwide and signifies a dramatic shift for business leaders, labor, and management. Risk reduction accomplishes diversification through involvement with both international and local financial institutions. The rise of globalization brings reorganization at the global, national, and sub-national levels. Specifically, it brings the improvement of production, international trade, and the integration of financial markets. Due to the emergence of a global village, it affects capitalist economic and social relations, via microeconomic phenomena. Globalization now marginalizes the less educated and low-skilled workers. Additionally, it can cause a high remuneration of capital due to its higher mobility compared to labor.
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EMERGENCE OF A GLOBAL VILLAGE DUE TO TECHNOLOGY
Critics of globalization charge that globalization, especially seen through pop culture, is a result of positive impacts of technology. However, others argue that globalization offers the potential to enrich the world culturally. The notion that the opportunities for cultural exchange brought about by globalization can help promote tolerance and diversity is very attractive. Rise of globalization continuously changes; this dynamic is quite a powerful way. Television images drive foreign policy decisions that are broadcasted around the world using satellites. In this context, globalization, an individual is able to humanize an event overseas. The emergence of a global village leads to effects beyond merely raising awareness. There is also a diffusion of values, academic networks, non-governmental, and some governmental agencies.
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