June 20, 2005
Technology and World Commerce
Technology has changed global commerce. The question is to what extent has it changed commerce, and how has it changed commerce. What are the repercussions of global commerce and commercial patterns on the natural environment? This paper will strive to answer some of these questions, as well as, delve into other areas of global commerce.
When referring to global commerce, the word globalization is often used. The word globalization is used to "describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange" (Wikipedia, 2005). In economic contexts, it refers almost exclusively to the effects of trade and particularly to "free trade". Since the travels of Marco Polo seven centuries ago, global economic integration, through trade, factor movements, and communication of economically useful knowledge and technology, has been on a generally rising trend (Mussa, 2000). During the past half century, the pace of economic globalization has been particularly rapid. This includes the reversal of the interwar decline. Globalization is not new, it has only changed.
One of the fundamental factors that has affected the process of economic globalization is the improvements in the technology of transportation and communications. This has reduced the costs of transporting goods, services, and factors of production and of communicating economically useful knowledge and technology. There is no doubt that advances in information and communications technology are the most important technological advances of the past quarter century (Mussa, 2000). By far, the most important and business altering advancement is the internet. There is evidence everywhere that the internet has greatly affected international trade. The internet has opened up the world, and brought it right into everyone's home and business. In... [continues]
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