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Technological Drivers Affecting Globalization

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Globalization is not something we can hold off or turn off . . . it is the economic equivalent of a force of nature -- like wind or water." Bill Clinton (American 42nd US president (1993-2001)) Globalization is a practice involving the increased integration and interdependence of national economies. It involves increased international trade, inward investment and an increased role for global multinational companies. Globalization is a highly comprehensive and controversial concept. This process of globalization has neither advanced smoothly in the economic domain, nor has it always been beneficial. But, despite occasional disruptions, such as following the collapse of the Roman Empire, the degree of economic integration among different societies around the globe has generally been increasing. And, with the exception of human migration, global economic integration today is greater than it ever has been and is likely to intensify. The world economy has become increasingly more inter-reliant for a long time. However, in recent decades the process of globalization has gained momentum; this is due to a variety of factors, but important ones include improved trade, increased labor and capital mobility and improved technology. Drivers of Globalization Today many factors are affecting globalization, but the following seem to be the main engine driving the global integration. The drivers affecting globalization can be divided into five different groups: 1) Technological drivers

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