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Technological advancements can greatly promote globalization and provoke industrial processes. In addition, one of the key drivers propelling globalization has been technical advancement. Technological advancements force businesses to go global by raising economies of scale and the sales volume required to reach profitable levels. For instance, technological developments have made it feasible to identify and monitor a product during its global movement (Berkes et al., 2006). This impact was essential since technological solutions improved transportation, including marine resources transfers, which resulted in enhanced volumes of trade and increased levels of globalization. Globalization has accelerated technology dispersion and helped to reshape the innovation environment in various ways, including transportation issues.
Technological improvements lower the cost of communication and transportation between countries, making global procurement of raw materials and other resources more affordable. Proprietary technology promotes globalization since the company that owns the patent may profit from overseas markets with little competition. Thus, the globalized hub has emerged as a result of information technology. The internet, for instance, has lowered the boundaries of time and location in economic transactions. Producers and consumers may now deal at any time and from any location on the world, and technological advancements have an impact on investments. Previously, high-tech manufacturing was exclusive to wealthy countries with high salaries. Currently, technology may readily be transferred to underdeveloped nations, allowing high-tech industry to coexist with modest salaries. Consequently, it is possible to state that Without the same advancements in technology presented, there would not be an equal effect of globalization that is prevalent today. Technological developments and elaborations vary, including a wide range of devices and software solutions. Transportation and communication procedures, which are critical for globalization, benefit from technological applications; therefore, a strong correlation between these spheres and technology exists.
Reference
Berkes, F., Hughes, T. P., Steneck, R. S., Wilson, J. A., Bellwood, D. R., Crona, B., Folke, C., Gunderson, L. H., Leslie, H. M., Norberg, J., Nyström, M., Olsson, P., Osterblom, H., Scheffer, M., & Worm, B. (2006). Globalization, roving bandits, and marine resources. Science, 311(5767), 1557–1558. Web.
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