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Globalization And Socio-Economic Development

1373 Words6 Pages

1.0. Abstract
This study aims to focus on the rising necessity and continuously changing impact of globalization on socio-economic development with respect to technology and innovations. The melting boundaries among nations and sense of togetherness which is driven by technology and innovations, has brought a revolutionary change in the business activities with a challenging impact on global business. The world has become a global village now. With globalization, business has publicly become more competitive, responsive and service oriented. Sustainable business, growth of foreign investments and improved technology - these all together is possible only through Globalization and on the other hand terrorism, wars, inequality and environmental …show more content…

The term “global village” epitomizes the sociological definition of globalization. The global village has a technological dimension and a cultural dimension. The technological dimension refers to the enabling and enhancing technologies which dismantle the barriers of distance and time in communication and transportation resulting in step fall in costs. The cultural dimension refers to the cross-border transmission, diffusion and, a certain amount of assimilation of cultures; global explosion of knowledge and information; attitudinal and aspirational changes and …show more content…

Technological breakthrough are substantially increasing the sales economies and the market scale required to break-even.
Technology monopoly, like possession of patented technology, encourages internationalization because the firm can exploit the respective demand without any competition.
The technological revolution has immensely facilitated globalization of the medical and health care sector. Medical transcription has also emerged as an important business. The long-distance on-line services made possible by the technological developments has given an impetus to globalization.
Technological revolution in spheres like transportation and communication, has given a great impetus to globalization as well by their tremendous contribution to the reduction of disadvantages of the national carriers like distance and cost.
The IT revolution has made an enormous contribution to the emergence of the global village. Over the past 30 years, global communications have revolutionized by developments in satellite, optical fibre and wireless technologies, and now the Internet and the World Wide Web. These technologies rely on the microprocessor, which enabled the explosive growth of high-power and low-computing, to encode, transmit and decode the vast amount of information that flows along the electronic

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