Do you think globalisation would have been possible without the expansion of Information Technology (IT)? Comment.
Answers
Answer:
Information technology has fastened the pace of globalization. It has revolutionized the way interaction is done. Owing to its development, people can get connected to anyone, in every corner of the world, instantly. Except physical movement of products, every other transaction is possible through internet. Without it, Globalisation would have taken many more years to spread out, as the required information for taking any decision, would have taken more time to be communicated and thus would have delayed the pace of integration among countries.
Technology and globalization
Explanation:
Technology has revolutionized the global economy and has globalized the world. Technology has helped us in overcoming the major hurdles of globalization and international trade such as trade barrier, lack of common ethical standard, transportation cost and delay in information exchange, thereby changing the marketplace. The technological advancement has helped a lot in creation and growth of global market.
With technology, rapid exchange of information and banking services would not be possible. Movement of goods and services will be time consuming. Globalization would still be possible but the pace of business would be much slower than it is now.