Essay On Impact Of Technology On Global Economy

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The Impact of Technologies in the Global Economy
i. Technological changes has enabled the growth of global markets, due to the presence of telecommunications and transportation (reduced distance and time). Now companies can outsource their products and their manufacturing processes efficiently to various countries at once (Bisht & Belwal, 2001). ii. Some underdeveloped economies are not able to encounter these emerging technologies, due to their insufficient knowledge, capital and technical support to implement these technologies (Bisht & Belwal, 2001). iii. The convergence of technologies has enabled globalization, as the productivity of global markets have increased, as now large amount of products and services can be generated at a lower price (Bisht & Belwal, 2001). iv. Today, due to the abilities of robots, computers and telecommunications technologies, manufacturing industries use these advanced machines to perform routine tasks in workplace that were first thought to require human knowledge. This leads to workers being concerned as they would be replaced by these advanced technologies and machines (Konsbruck, 2002).
v. By combining advanced wireless technologies available to us through Internet, it can be used to create an alternative way to do online businesses across different nations (Konsbruck, 2002).
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The technological revolution has brought various enhanced machinery technologies that benefitted the economies and the global markets to perform task routines efficiently and accurately to achieve accurate results, and to increase the market’s productivity. Moreover, technologies has enhanced the lives of the society by providing various solutions and alternatives to their everyday problems. The society today are surrounded with the latest enhanced technologies that are consumed in their daily activities such as, mobile devices, tablets, smartphones

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