Last Updated on October 17, 2022 by
The discovery of gravity was not just a result of the falling apple on Newton. Rather it just gave him a question to which he spent years and arrived at a solution. The moment he began his experiments, he had to innovate his ways to come out a result. This what innovation can do! Soon after his discovery, more people came into action that resulted in innovation Is technology,
These instances are enough to understand how innovation spreads faster and passes through various channels despite a number of challenges posed in front of it. Globalization, as we know, is how a country’s economy integrates itself with the world’s economy. Surprisingly, because of innovation, technology and globalization have become correlated.
Technology has no boundaries, so as innovation. It travels from one country to another and spreads knowledge that is beneficial for the development of mankind. Researches have shown that technological innovation has broadened the scope of globalization. If you look at the consumer markets these days, you would find that technology is one of the major driving factors behind the increase in global productive growth.
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Why Technology Matters in Globalization?
Technology drives improvements in different sectors of the economy. Whether it is discussing finances or the infrastructure, technology has made its way into everything. However, it is important to understand that innovation in technology does not develop in one particular nation rather the credit of its success is shared by different countries at the same time.
You will come across so many examples where two counties join hands to make significant contributions to the global stock of the world economy. With these examples, it can be said that in the future, innovation in technology will further result in integrating countries’ economies with the world.
To further prove our point, let us discuss the contribution of technology in globalization with examples of applications. Every country has an organization that dominates the consumer market. While these companies have a major stake, technology has allowed other companies to stand head to head with organizations that are already established.
One such example of an application is Connected that has established itself as the best social media platform in India. Technology was never meant for a particular company or individual. One who is ready to take up challenges and is able to innovate its strategies, technology will always favor that entity/person.
How Globalization Contributes to Technological Development?
Global knowledge passes from one country to another. It makes important for us to understand how it impacts the flow of technical knowledge from one country to another. Over the years, Globalization has increased the rate at which technology spreads across borders. With Globalization, companies get a chance to integrate and share their knowledge with the world.
It helps countries to gain access to foreign languages without any barriers. As the companies get to face each other in an open market around the globe, it enhances the global competition that no just forces companies to come up with innovative strategies but also becomes useful for the customers by giving them many options.
With the best of technology, Globalization allows economies to work hand in hand, thereby giving rise to a global market that is open for all. Various studies have shown that globalization and technology have supported many emerging economies to participate in the global supply chain and make significant contributions.
Whether it’s a developed or developing nation, a fall in technology innovation will always result in a downfall. Not to mention, technology is rapidly evolving every other day. Only those companies are able to succeed that are making the best use of it and bringing amendments in their operating strategies.
Wrapping Up!
Globalization and Technology are important for a country’s growth. Both of them contribute significantly to the GDP of a country thereby making its economy much stronger. Globalization spreads technology and knowledge from one country to another. However, to make use of it, every economy must invest in thorough research work that would build a strong foundation in shaping a country’s growth structure.
Technology gives a medium for innovating things whereas globalization uses these innovations to spread the knowledge and expertise of a particular country throughout the world.
