Technological globalization – Importance, Types, Pros & Cons

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Description

Far from the agricultural and industrial revolutions of the past, globalization technology is changing the world in this era of the 21st Century. With the rapid developments in technological globalization in the 21st Century, we can move technologies worldwide. It helps the world through advances in communications, the Internet, and information technology. It enables trends such as quick-moving manufacturing, where local investments in the framework could allow the new people to participate in global manufacturing.

Definitions of Technological globalization

The advanced technology of structured materials refers to the spreading of technology between different countries worldwide. It includes the trade of technological goods and the creation of new technologies.

Or

Globalization Technology can also be defined as the rising speed of technology spread across the globe.

Examples of Technological Globalization

  • Growth of Multinational organizations

Due to global technology, many multinational companies/ organizations are growing day by day. The Leaders or managers who have the global knowledge of consumer demands for products and services worldwide are growing their businesses on large scales. Globalization has improved the growth of multinational organizations like HP, Dell, and Sony. There are different brands of mobiles also such as Apple, iPhone,  Samsung, OPPO, etc.

  • Mass Media Globalization

Mass Media globalization includes television, radio, the Internet, and other forms of digital media. The United States has become a significant exporter of media culture nowadays.

  • Mobile Banking

Mobile banking has allowed people to access money from all over the world. They don’t need to go anywhere. They can easily access their money by mobile phones, tablets, computers, laptops, etc. Smartphone stock trading apps such as Binance lower the costs of technological globalization to develop new businesses.

Why is globalization technology important?

If people use technology correctly, it can be beneficial as it helps us in overcoming the hurdles we face in the international trade and globalization, such as,

  • Transportation costs
  • Trade barrier
  • lack of common ethical standard
  • Delay in information exchange

Significant types of Technological globalization

Following are the major types of technological globalization

  • Blockchain technology
  • Machine learning
  • Artificial Intelligence
  • Mobile payment
  1. Blockchain technology

Blockchain technology is a system of recording the information in such a way that makes it very difficult to cheat the system. It is distributed across the network of the computer system.

It is one of the essential types of global technology as it has an immense impact on the international trade supply chain of products. Blockchain in the USA is now considered one of the most critical technologies for the future. (See figure)

2. Machine learning

Machine learning translates the E-commerce search queries from one language to the other. Image recognition is one of the best examples of machine learning around the globe. It can identify an object based on the intensity of the pixels in black and white images or color images.

It helps to build;

  • The Automated systems that can be learned by themselves.
  • Models that can process and analyze complex data for accurate results.

3. Artificial Intelligence

It is a real-time tool used in machine learning systems. Artificial intelligence is the term that refers to the stimulation of human intelligence into a machine. For example, some developed countries made automated cars, and these cars have knowledge a human can have.

Artificial intelligence has reduced the vast traffics at ports. It is used to optimize trade shipping rout. It can be used by the government and organizations as well.

4. 3D Printing

3D printing is also the best type of technological globalization. 3D printing has reduced the need for imports. It is the faster and cheaper available method and requires less labor. According to argues, 3D printing is too much optimistic and mass adoptive. It does not consider the reality of mass manufacturing and its complexity.

According to studies, once 3D printing is cheap enough and the masses adopt it, global trade will decrease by almost 25%.

5. Mobile payments

Through technological globalization, we can pay through mobile. During the period of the Covid-19, most people established their businesses online. Now people have started buying their wanted products online. ( Such as E-commerce businesses)

Advantages of Technological Globalization

Following are some advantages of technological globalization:

  1. One World Economy
  2. Improving economic growth
  3. Make easier international trade
  4. Reducing Poverty
  • One World Economy

Technologies have to speed up the growth of economies of scale and efficiencies in the market. These technologies can help us to create a more cohesive globalized economy.

One example of this is if one nation is producing oil and they are experts, then they can reduce the cost of production, but if another country that is not an expert will make the same products, they could not be able to reduce the cost of production.

  • Improving Economic Growth

These technologies can help us produce goods more efficiently and with less labor power, improving our economic growth system at the global level.

  • Make Easier International Trade

Through these technologies, we speed up customs at nation-state borders. An example is the rise of international currency conversion apps like binance etc.

  • Reducing Poverty

The World Bank found that technological globalization has reduced poverty rates worldwide. They state: “Rapid technological progress in developing countries has been central to reducing poverty in recent decades.”

Disadvantages of Technological Globalization:

  • Replacement of Workers by Machines
  • Rise of Fake News

Replacement of Labor  by Machines

Now new technologies are implemented in factories and replacing the workers. These technologies have been executed in factories to replace labors in low status tasks. Because this has been an excellent technique for making inexpensive products, it may destroy entire industries.

Rise of Fake News

As internet technologies develop, people start rising fake news and fake information, which is ethically wrong. These new technologies have allowed them to spread false information online.

Conclusion:

Technology helps speed up economic globalization. All types of globalization have an impact on each other. Global technology is critical because of some factors. It has wide-reaching results for our world. Technological globalization had both positive and negative impacts.

 

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