Question

How has improvement in technology stimulated the globalisation process?

Answer 1

Answer:

Globalisation is the interconnection between counties through the expansion of foreign trade and foreign investment. It is the process of integrating the home country with foreign countries through the movement of goods, services, investment, technology and people. Improvements in Information and Communication Technology (IT) is an important driving force for the success of globalisation.

Telecommunication facilities, especially the internet has significantly contributed to the success of globalisation. The development of services like e-banking has increased the pace in which transactions are carried out around the world. Today, the world is just a click away. IT has facilitated and improved communication, lowered the cost of transportation thus helping to transport goods to other countries cheaply and has ensured more co-operation among firms through increased networking. It has contributed to the development of advanced technology of production and their transmission throughout the world.

The development of financial and logistic services is the main carrier of an improved globalised world. The establishment of call centres and other allied services in other countries has also contributed to growth in the service sector. Sophisticated technologies help in instant communication throughout the world thus making globalisation a success story.

Answer 2

Improvements in technology

Explanation:

Improvements in technology has stimulated the globalization process as follows:

1. Vast improvements in transportation has increased the speed at which goods can be transported globally. Also transportation can now be done to any corner of the world by land, air and sea.
2. Transport of raw materials and finished goods is now done on a timely and cheaper manner.
3. Development in IT and telecommunications has made information exchange possible within seconds to any part of the world, thus improving connections between people in various parts of the world.
4. Transfer of money can be done efficiently between any countries due to the modern technology and banking services.
5. Backoffice assistance is available at a cheaper cost from various countries that have dedicated work force for this purpose.