Question

Describe the role of technology in promoting the globalisation process.

Answer 1

Technology is a vital force in the modern form of business globalization

• Products are delivered very fast at a lower cost.
• Telecommunication and the internet have been influenced a lot more.
• Able to contact one person from another country or state by telecommunication facilities.
• Satellite communication devices are used very rapidly.

Globalization

Globalisation is a multidimensional concept. It has economic, cultural, and political manifestations.

Globalisation deals with flows. The critical factor of globalization is the ‘worldwide interconnectedness’ that is generated and sustained as a result of these constant flows.

These flows could be of various types which are given below:

1. Trade of commodities, goods, and services between countries.
2. People migrate to different countries in search of better opportunities and livelihoods.
3. Movement of ideas from one part of the world to another part of the world
4. Movement of capital shunted between two or more places.

Consequences of Globalization

Some of the consequences of Globalization are political, economic, and cultural.

Political Consequences

1. Erosion of state capacity concerning the capacity of the Government on what they can do.
2. Many of the governments' welfare functions are withdrawn and stick to core functions such as providing security to the citizens of the country and maintaining law and order.

Economic Consequences

1. To ensure that the jobs of the citizens of a country are guarded, developed countries have restricted visa policies.
2. People who were dependent on Government welfare and jobs have been affected.

Cultural Consequences

1. Globalization can lead to cultural homogenisation.
2. Hence people fear that there is a threat to the world's different cultures.