LONG ANS. QUESTIONS [5M - ECONOMICS]

Question

How has improvement in technology stimulated the globalization process? Explain with five examples.

Vidyadip · Accepted Answer

Improvements in technology have helped in globalisation in the following ways:

Rapid improvement in technology has contributed greatly towards globalisation. Advanced technology in transport systems has helped in the delivery of goods faster across long distances at lower costs.
Development in information and communication technology has also helped a great deal. Telecommunication facilities-telegraph, telephone (including mobile phones), fax are now used to contact one another quickly around the world, access information instantly and communicate from remote areas. Teleconferences help in saving frequent long trips across the globe.
Information technology has also played an important role in spreading out production of services across countries. Orders are placed through internet, designing is done on computers, even payment for designing and printing can be arranged through internet. Internet also allows us to send instant electronic mail (e-mail) and talk (face-to-face) across the world at negligible lost.
The cost of air transport has fallen which has enabled much greater volumes of goods being transported by airlines.
Technology has made e-banking, e-commerce, e-learning, e-mail and e-governance a reality.

Answer