Role of Technology in Globalization
Abstract
Technology is the vital force in the modern form of business globalization. Technology
has revolutionized the global economy and has become critical competitive strategy. It has
globalized the world, which drive all the countries to more ethical standards. This paper attempts
to show how Technology revolution is sweeping the globe and the transition from manual to
electronic delivery of services both in public and private sector leads to advancement of business
community throughout the world. Globalization has led to new markets and information
technology is one of the technologies fostered to the new market in this increasing competitive
world. Technology has helped us in overcoming the major hurdles of globalization and
international trade such as trade barrier, lack of common ethical standard, transportation cost and
delay in information exchange, thereby changing the market place. Technology has enabled the
software experts to work collaboratively over the network with companies from around the
world. The technological advancement has helped a lot in creation and growth of global market.
Multinational Corporations (MNC) can be seen as a central actor in globalization. Markets have
become global at a rapid pace, as indicated by several kinds of trade extended to foreign
countries. The innovation in host country is often undertaken by MNC based in one country and
due to the technological advancement MNC(s) have expanded to other countries by some kinds
of FDI also facilitating the movement of research and development. The researchers have
analysed that though the technology has globalized the business but economically well
developed countries have been more benefited. While technology has created many opportunities
for global networks of tasks it is important to look at the friction in the system to understand the
limitations. The sources of friction are many and could bring the system to its knees. Companies
and countries that want to thrive in this era of globalization will seek to mitigate the abuses,
while dealing with the friction.
The Global Technology Revolution
Abstract
A global technology revolution is leading to social, economic, political, and personal
change throughout the world. Like the agricultural and industrial revolutions of the past, this
technology revolution has the potential to transform human quality of life and lifespan, transform
work and industry, reshuffle wealth, shift power among nations and within nations, and increase
tension and conflict. This book discusses the broad trends in this revolution, including genomics,
cloning, biomedical engineering, smart materials, agile manufacturing, nanofabricated
computation devices, and integrated microsystems.
The revolutions effects on human health may be the most startling as breakthroughs
improve both the quality and length of human life. Biotechnology will also enable us to identify,
understand, manipulate, improve, and control living organisms (including ourselves).
Information technology is already revolutionizing our lives, especially in the developed world,
and is a major enabler of other trends. Materials technology will produce products, components,
and systems that are smaller, smarter, multi-functional, environmentally compatible, more
survivable, and customizable. In addition, smart materials, agile manufacturing, and
nanotechnology will change the way we produce devices and improve their capabilities.
The technology revolution will not be uniform in its effect across the globe but will play
out differently depending on its acceptance, investment, and a variety of issues such as bioethics,
privacy, economic disparity, cultural invasion, and social reactions. There will be no turning
back, however, since some societies will avail themselves of the revolution, and globalization
will change the environment in which each society lives.
