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Free «Globalization and Technology in the 21st Century Economy» Essay Sample

This article has critically analyzed several aspects associated with economic growth in developing countries. Its major focus is on impact that technology has brought to these countries. According to this article, technology plays a very essential role in the economic growth of every country whether developed or developing. The authors of the article argued that if poor countries are to exploit the benefits afforded by information technology for incorporating themselves more fully into the world economy, they will have to be completely familiar with its various distinctiveness and the resultant impulses, which is probable to spread. Rennen and Martens (2003) claimed that most historical analysis of globalization recognize that globalization is driven by economic incentives. The establishment of supranational and international organizations is a significant factor underlying the materialization of worldwide cultural, environmental, and social politics (Nederveen Pieterse, 2008).

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The article views globalization as due partially to factors that are unconnected to technological revolution in information technology or in general. Possibly, the most imperative of these other features is the liberal approach to global trade and overseas investment, which has been adopted in several countries, developed and developing. Environmental aspects should not be neglected when analyzing globalization, although they do vary from the other scopes of globalization. In contrast to other scopes, they typically emerge to be the outcome of globalization, rather than a driving force. However, many ecological factors, such as global climate change, might become motivating factors in the future.

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The multi-domain, pluralistic strategy enables people to recognize globalization as an occurrence, or an overarching procedure where several different processes concurrently take place in numerous domains. Consequently, the term globalization is a collective tag and not single enormous process in itself (Martens & Rotmans 2002, 2005). Nevertheless, not all factors that inspire or form globalization, or all the outcomes of this development have yet been identified.

It if further argued in the article that the intensity of global trade depends not only on the transport costs but on the costs of communication between sellers and buyers in diverse countries, as well. Although globalization has been compelled forward by decrease in communications and transport costs, even at towards the close of the 20th century the distance still mattered. Technology flows, trade flows, financial flows, and the capital movements are all reduced the larger is the distance between countries (Venables, 2002). Furthermore, distance from sources of supply and markets are highly associated with income levels.

 
 
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According to this article, globalization also refers to the rising ratio of foreign investment to world output and individuals need accordingly to inquire how this element of globalization has been impacted by information technologies of one kind or another. For current purposes, globalization can be considered as a process of incorporation of capital markets and goods across the globe in which obstacles to foreign investment and international trade are reduced (Crafts, 2004). The study shows that globalization can be an effect either of technological growths that lessen transport costs, advance the flow of information or of policy alterations that lessen protectionism, make migration easier, and liberalize foreign investment system.

In a pure neoclassical replica, each country has access to the same information technologies and institutions and adopts market-friendly economic rules while capital is completely mobile internationally (Bleaney, 2002). International income inequalities need to be quickly reduced as the capital flows from rich countries to poor countries and a procedure of economic catch-up and union ensues which exhibits an opposite association between original income levels and the following development of real income per head.

Furthermore, the article argues that a number of countries, which have explicitly exploit the full range of integrative possibilities afforded by technology have benefited from several powerful cumulative mechanisms. This have further improve the extent of the country’s integration. On the other hand, countries that have made modest effort to exploit information technology as a device for globalization have suffered from the backwash effects of the development of trade and foreign investment in the previous groups of countries.

   

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