Global Economic Trends Driven by Technology and Innovation
GLOBAL ECONOMIC TRENDS DRIVEN BY TECHNOLOGY AND INNOVATION
Nowadays companies operating internationally do not only face increasing competition in their markets, but also heavy macroeconomic driving forces the so-called global economic trends. These trends deeply transform markets and have a considerable impact on corporations. The question arises: what factors provoke the emergence of these economic tendencies?
Without doubt, we can enumerate hundreds of factors, but I would like to pay a special attention to such aspect as technology and innovation. The most common experts’ point of view is that they are exactly those forces, which contribute a lot to the process of shaping new trends. So, in this article I will try to analyze current trends in world economy driven by technical progress.
Technological progress impact
It is proven throughout the history that technology plays a key role in the economics development. Indeed, the invention of the automobile, the telephone, the computer, or the Internet has changed dramatically economic environment and, thus, business processes.
Technical progress is believed to be the engine of economic growth. Indeed, the positive relationship between technological progress and economic growth is a well-known fact but it is not the end of the story. Innovation and technology lead to a direct rise in overall productivity as the ability to make goods gets cheaper and cheaper. So, it is not hard to argue that technology characterizes the production activities.
The 21st century is the century of rapid developing innovative technologies. So, it is hard to overestimate the role of technological environment as one of the most important determinants of company’s success. Indeed, it is essential to recognize the possibilities that arise out of innovations. In other words the current trend can be described as follows: the early adapters of technology innovations will always be winners in global competition. Technical progress
Nowadays companies operating internationally do not only face increasing competition in their markets, but also heavy macroeconomic driving forces the so-called global economic trends. These trends deeply transform markets and have a considerable impact on corporations. The question arises: what factors provoke the emergence of these economic tendencies?
Without doubt, we can enumerate hundreds of factors, but I would like to pay a special attention to such aspect as technology and innovation. The most common experts’ point of view is that they are exactly those forces, which contribute a lot to the process of shaping new trends. So, in this article I will try to analyze current trends in world economy driven by technical progress.
Technological progress impact
It is proven throughout the history that technology plays a key role in the economics development. Indeed, the invention of the automobile, the telephone, the computer, or the Internet has changed dramatically economic environment and, thus, business processes.
Technical progress is believed to be the engine of economic growth. Indeed, the positive relationship between technological progress and economic growth is a well-known fact but it is not the end of the story. Innovation and technology lead to a direct rise in overall productivity as the ability to make goods gets cheaper and cheaper. So, it is not hard to argue that technology characterizes the production activities.
The 21st century is the century of rapid developing innovative technologies. So, it is hard to overestimate the role of technological environment as one of the most important determinants of company’s success. Indeed, it is essential to recognize the possibilities that arise out of innovations. In other words the current trend can be described as follows: the early adapters of technology innovations will always be winners in global competition. Technical progress
References: 1. Frank Bezjak: Global Economic Trends and Their Impact to Corporate Development, 2010 2. The 5 Most Prominent Management Trends of the 21st century/ International Business Times: [Электронный ресурс]. – Режим доступа: http://www.ibtimes.com/articles/116801/ 20110228/prominent-management-trends-harvard-business-school-globalization-technology-sustainability-corporat.htm 3. Procter & Gamble campaign Connect + DevelopSM/ Quman: [Электронный ресурс]. – Режим доступа: http://www. quman.ru/otkrytye-innovacii-v-procter-gamble/ 4. Article: Is Google the most innovative tech company on the planet?/ The Next Web: [Электронный ресурс]. – Режим доступа: http://thenextweb.com/google/ 5. Starbucks Marketing Strategy Unconventionally Effective/ VoteForUs: [Электронный ресурс]. – Режим доступа: http://www.voteforus.com/starbucksmarketingstrategy.html