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Posted: May 5th, 2020
Impacts of Globalization on Technology
Decades ago, the diffusion of information and new inventions took dozens of years to travel from one country to another across the globe. For instance, it took more than 1000 years for the invention of paper in China to reach Europe. Today, the movement of information and technology is easier and faster. Different studies indicate that the spread has been intensified by globalization. The ease transfer of knowledge and technology has had a significant impact on the cultural, social, and economic aspects around the world.
Technological advancement has been the key driver to improved standards of living, resulting from better incomes. This is achieved by the ability of new knowledge and technologies to travel from one point to another. Technology allows the sharing of information and innovations through many different channels, including the use of patents and trade, advanced transport systems, satellites, fiber optic cables, among others.
So, how has globalization impacted technology?
Today, the flow of information and knowledge is faster and almost effortless. Thanks to globalization! There have been numerous critics that focus on the negative impacts of globalization. While some of these are true, different studies have collaborated that globalization has undoubtedly enhanced the spread of technology in two major ways.
First, countries can easily share knowledge and innovations with each other. This has been of great benefit, particularly for emerging markets in developing nations with fewer innovations and minimal economic growth. These economies are actively involved in global supply chains with developed multi-national companies and are able to utilize their technology to improve and boost their productivity and economic growth.
Second, it enhances competition among multinational companies. New technology and innovations are emerging every day all over the world, creating a competitive environment among companies and countries. Competition, in turn, strengthens a company’s incentives to innovate and assimilate foreign knowledge in its operations.
Lastly, Technology leaders also benefit from globalization by sharing innovations among each other. Knowledge and technology flow two ways, and through sharing, each country is able to acquire technology that they are deficient in and extend knowledge on what they are good at.
Globalization helps in spreading knowledge from the country of origin to other regions all over the globe. Utilizing foreign expertise and new technologies, however, requires scientific and engineering know-how to reap maximum benefits. It also calls for appropriate protection and respect for intellectual and property rights. There are policies put forward to ensure that innovating firms do not use new technology to dominate the market, control, and exploit consumers.
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