Technology & Globalization
The positive impacts of technology on the global economy are tremendous as explained by Muroyama and Stever (1988). Technology has made companies and nations organize production, trade goods, invest capital, and develop new products and processes more efficiently. Information technologies permit instantaneous communication among global companies and their consumers. New materials are revolutionizing sectors as diverse as construction and communications and advanced manufacturing technologies have transformed outdated patterns of productivity and employment. Improved transportation has accelerated the worldwide flow of people and goods.
Still, technology in the global economy has its downside. According to Drago (2001), technology is detrimental when it is implemented in a way that fails to consider community action and local necessities, particularly in developing countries. As an example, Drago discusses the "technological aggravation" that can occur where the implementation of technology requires limited labor power and fuels the migration of rural populations to big cities, resulting in negative social externalities. Furthermore, Drago argues there are substantial developmental costs when technology is concentrated in the hands of a few, most notably more advanced countries, creating a so called "digital divide" between rich and poor countries. Even in developed countries, increased productivity is eliminating many jobs in manufacturing, transportation and other high-paying industries (Innovations in technology and globalization: Introduction to the information era) and outsourcing is moving these jobs to countries with less expensive labor. This problem continues to gain considerable public attention in light of the severe economic downturn where unemployment is escalating.
Bibliography
Drago, T. (2001, May 25). Adapting technology to the needs of each society. http://www.igc.org/globalpolicy/globaliz/special/2001/052tech.htm .
Innovations in technology and globalization: Introduction to the information era. http://workinfonet.bc.ca/lmisi/Making/chapter2/TANDG1.htm
Muroyama, J.H., and Stever H.G. (1988). Globalization of technology: International perspectives. National Academy Press: Washington, D.C. http://www.nap.edu/openbook.php?isbn=0309038421
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