Globalization and technology have made people around the globe more connected today than ever before in the history of mankind. Globalization, Information, and money wave more promptly than ever. Goods and services produced in one part of the world are increasingly available in all parts of the world. International travel is more sporadic. Global communication is usual. It may be said that globalization is not a new exhibition.
It has been taking place for hundreds of years. The Romans used monetary systems, road infrastructure, and a system of rules and order to maintain control over a widely dispersed empire. It is only the speed and extent of globalization that has increased significantly over the past 15 years largely as a result of several developments: technological developments, better transport facility, which keep led to diminished importance of distance in trade.
Income and technology have converged globally, particularly as China and India have experienced substantial economic growth resulting in reductions in poverty levels and rising incomes. Production processes have been relocated globally through offshoring and outsourcing of production. Trade and capital market integration has accelerated.
It has helped countries to build a global market where they share new technologies and innovations. It has therefore created a global free market for goods and services. Since companies have moved overseas, goods and services are easily available and at affordable prices. It has been observed that countries are becoming dependent on each other for various resources.
Even the dependence on cheap and new technologies is increasing all over the world. The integration of all major economies and major populations of the world, levels of dispersion of production processes around the world, development of more sophisticated financial markets, and greater trade and investment flows than previously, have to lead to an unprecedented pace of global economic integration.
Usually, the U.S. or China are talked about when we look forward to technical assistance. When it comes to the production of electronics, in particular, we can always quote that the world is dependent on China and Japan. The maximum goods are produced in China because of its cheap labor and advance technology stipend.
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The only question to be raised is that has globalization led to technological dependence or technological assistance. If we talk about technological assistance therefore we should not forget the concept of the INTERNET.
This has enabled to define globalization as a path of creating connectivity between people of different cultures across the world. Today we can communicate easily with people sitting across the globe. We can easily acquire information and details on various products on the internet. Even education can be delivered through the net facility, whereby a student can have access to his teacher with the help of internet facility.
Apart from technological functions, globalization has also removed the barrier of place and time i.e., a geographical barrier that has directly profited society at a large.
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