Know what globalization is and how it is increasing with the advancement of technology? Well, if you do not, let me explain. Globalization is the word used to explain the expanding interdependence of the world’s markets, cultures, and populations. All these brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Technological advancements reduce transportation and communication costs across nations and thereby facilitate global sourcing of raw materials and other inputs.
Patented technology encourages globalization as the firm owning the patent can exploit foreign markets without much competition. The gaming industry including Judi online and Academic literature commonly divides globalization into three major areas: economic globalization, cultural globalization, and political globalization.
Benefiting the Individual Economy of World
Globalization aims to benefit individual economies worldwide by making markets more efficient, increasing competition, limiting military conflicts, and spreading wealth more equally. The approach of the internet has played a huge role in economic globalization, and it has helped create a lot of economic ease and opportunities. Internet is perhaps the most visible aspect of globalization and, in many ways, its driving force.
The Internet is changing everything, the way we work, socialize, create and share information, and organize the flow of people, ideas, and things around the globe. The Internet produces significant cost savings in many sectors of the economy, resulting in faster productivity growth. It also produces lower prices for consumers, resulting in faster growth in living standards.
Role of technology in International Trade
We can see that international trade has become so much easier with the introduction of PayPal. We can also see that investing in a foreign asset has become so much easier, giving a better yield and profit. We can see individuals investing in foreign markets as well. Currently, the annual volume of e-commerce is between $100 billion and $200 billion. It is too small concerning the overall size of the economy to have had much impact on productivity growth.
In The End – Excess Of Everything Is Bad!
The use of the Internet is increasing day by day. Globalization is one great aspect that is revamping the world. Where some problems can not be simply helped with education and little efforts, globalization really saves a life! But always remember, you cannot over-do a thing; it will be harmful. Be the best version of you and nobody can stop a person from achieveng what they want!