Free 800 words essay on Technology and Globalization for school and college students.
Globalization is a phenomenon that swept the world and virtually made the world a smaller place to live in. It offered integration of trade and commerce, communication, and development like never before. Globalization attributes to an uninterrupted transfer of capital and technology, global brand proliferation and supply chain, deeper specialization, unprecedented connectivity, and unchained collaborations across continents. Nevertheless, this irreversible metamorphism has been associated with both opportunities as well as challenges. Technology, on the other hand, has seen the fastest magnification and expansion in the previous decades. In a borderless world, research and development facilitation had no limitations, and the result is an array of sophisticated technology that broken all records of speculation.
Sectors right from construction to communication have been revolutionized in the behest of globalization. Advanced prospects of manufacturing owing to the breakthrough technologies such as artificial intelligence have brought a paradigm shift in employment and productivity. Such rapid escalation of technical prowess was possible because of the enhanced transnational connectivity among organizations across the globe. Despite nationalistic concerns, it engendered the creation of a global economy. There was accelerated growth in disciplines such as basic science, engineering, production, marketing, distribution, and finance. The private sector surveyed the requirements across the globe and invested in R&D likewise. As technological capabilities expanded, so did global demand. China, for example, became a manufacturing hub which implemented and put to practical use latest technological innovation into tangible products. Perhaps one of the biggest beneficiaries of globalization, China quickly gained massive economic and political clout.
Social media innovation unintentionally yet strategically became the independent and unhindered advertiser of globalization. Its development brought colossal transformation in the way products were marketed. This led to a global demand for electronic devices, and a complex supply chain currently delivers premium communication platforms to consumers worldwide. Special arrangements were made for the transfer of technology that had active involvement of respective government. Social media has completely changed how information is used and manipulated for economic, commercial, and political purposes. Irrespective of geographical location, Information Technology became the harbinger of global integration. New jobs were created in the field of both software and hardware that required skilled personnel. This demand was fulfilled by several countries whose citizens have made the Silicon Valley a hub of world’s biggest tech corporations.
Celebrated author Thomas Friedman was quoted saying, “Globalization is not a choice. Basically, 80% of it is driven by technology.” Global integration was also enhanced by technological advancements in fields such as telecommunication, satellites, and computing. It was by the virtue of these that information dissemination became easier and faster. Without the contribution of the Internet, the advanced global linkages are impossible to imagine. It was global positioning system (GPS) that made transportation of man and material easier, before which venturing into unchartered territories was both risky and cumbersome.
Technology and globalization have changed the entire industrial landscape. There is now a dramatic exchange between buyers and sellers both domestically and internationally. Feedback mechanism has been made easier developing an interpersonal relationship between companies and consumers. Business practices have been completely restructured where labor gets distributed globally. As digital technology has been increasingly incorporated in all sectors, it has changes productivity pushing for the greater demand of expertise in software development. Countries are now developing into knowledge economies where manipulation of algorithms has greater precedence over that of machines.
Technology has a profound effect on financial markets. The global recession of 2008 crippled the world economy and much of that damage can be attributed to the interconnected global framework that encompasses global commerce and hence engulfed all the profits altogether. It was after this downturn that even the biggest proponents of globalization became reluctant and skeptical advocates of the same. Development in technology led to an international expansion of financial markets. Complex transactions became rapid and secure, big data storage gave rise to unforeseen predictive analysis, and all stakeholders were given access to vast information boosting performance and delivery.
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Reputed economist Branko Milanovic highlighted the exceptionally high inequality among the world citizens owing to globalization. Historic skeptics of the over-hyped globalization had raised fears which finally could be seen coming close to the truth. Developing countries reaped benefits and the wages of industrialized nations remained stagnant. This gave rise to populism and protectionism, the heat of which can be felt by the neo-liberal economists and politicians. We are standing at the cusp of Fourth Industrial Revolution. This cannot be reversed, rather channelized in a more principled and distributive manner. Technology will remain the biggest fuel of global developments.