Globalization… New World Technology
Globalization can be described and explained as a process of global economical, political, and cultural integration. Its major characteristic features are capitalism expansions, global division of labor, immigration of financial human and production resources within a society, and technological processes, as well as removing the borders between cultures of various countries. Author and economist, Jagdish Bhagwati defines economic globalization as “the integration of national economies into the international economy through trade, direct foreign investment (by corporations and multinationals), short-term capital flows, international flows of workers and humanity generally, and flows of technology…” Globalization increases economic development and seeks to reduce poverty. However, it does not seem to bridge the gap between the rich and the poor. Extraordinary changes in communications, transportation, and technology have given the globalization process new stimulus, and have made the world and companies more interdependent than ever. Consequently, societies across the globe have established closer contacts. Over the years, businesses and organizations have become more advanced, and have sought to rely greatly on technology, thus eliminating the use of manual human labor. Jobs that once provided opportunities for people of a lower status and who lack a formal education such as an engineering degree are now being replaced by robots, and people who have received specialized and advanced training for operating such machines. As a result, companies not only have boosted their company income, but have increased work efficiency and reliability. Globalization continues to make waves regularly. With technology being a fundamental factor, we are granted and guaranteed the resources we need to help us progress, increase productivity, and to be successful in our respective lives on a daily basis. Globalization is a process that began...
Please join StudyMode to read the full document