Question

"Rapid improvement in technology has been one major factor that has stimulated the globalisation process." Explain the statement with examples.

Answer 1

Globalisation has been significantly influenced by the rapid advancement of technology.

1. Communication Technology: Advances in communication technology, like the internet, email, and video conferencing, have greatly decreased obstacles to global communication. This allows for instant information interchange, cross-border collaboration, and effective worldwide business coordination.
2. Transportation Technology: Containerisation and air travel are two examples of transportation innovations that have changed how things and people move around the world.
3. E-commerce Platforms: The development of e-commerce platforms has transformed global trade. Companies may reach clients globally, while consumers can access diverse products and services from across the world.
4. Big Data and Analytics: Advancements in big data analytics enable firms to analyse large amounts of information efficiently.
5. Blockchain Technology: Blockchain technology possesses the capacity to fundamentally transform global transactions and the management of supply chains. Its decentralised and secure structure enables transparent and traceable transactions, decreasing fraud and increasing trust in global business relationships.