Drivers of the globalization of firms include government, competition, cost globalization and market drivers. Globalization has also been driven by technology, including use of the Internet, mobile phones and satellite-tracking technology. Globalization of Technology: International Perspectives. Washington, DC: The National Academies Press. Colombo optimistically concludes that globalization will bring the emergence of many small and medium-size multinational firms that will rely on. Page 6 Share Cite. Suggested Citation:'Overview.' National Research. Information Technology. IT is a driving factor in the process of globalization. Improvements in the early 1990s in computer hardware, software, and telecommunications greatly increased people’s ability to access information and economic potential. May 06, 2015 Pros. Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty. Before elaborating on the consequences of several technological developments, we must go through the definition of technology as a sociological term, so that we can further explore the social and political role of technology in the globalization process. Technology can be defined as the socialized knowledge of producing goods and services.
Although question exists as to whether or not globalization has been beneficial for humanity as a whole, there is little arguing that people and nations around the world today are more connected than ever before. One of the causes of this has been market drivers, whereby multinational corporations and brands are engaging consumers from around the planet, further solidifying one global market.
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Globalization
According to the Levin Institute, the term globalization refers to the increasing connections people, companies and states are forming around the world. The process of forming social and economic ties across vast distances is nothing new historically; however, technological improvements and liberal trade agreements have increased these connections greatly in contemporary times.
Market Drivers
One of the primary drivers of globalization has been in respect to market forces, whereby many consumer goods and services are now universally available, no matter one’s geographic location or social setting. As a result of international marketing campaigns and corporate brand promotions, consumer desires and lifestyles around the world are increasingly converging.
Other Drivers
Aside from market drivers, globalization can be attributed to other causes, including cost drivers, such as innovations in information technology and transportation; government drivers, whereby many governments have reduced trade tariffs and have embraced free trade agreements; and competitive drivers, which have seen corporations and businesses increasingly compete for market share around the world.
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Technology and cheap access to energy have altered the way the world does business, by reducing the costs of certain types of business-to-business transactions. These reduced transaction costs, driven by changes in government policies and improved communications infrastructure, have led to a wide array of business practices referred to as globalization.
Preconditions for Globalization
A significant precondition for globalization is safe sea or air transport. The two prior eras where something comparable to modern globalization occurred were the early Imperial Roman era, and during the height of the British maritime empire of the 18th and 19th centuries. In both cases, a singularly powerful political entity, with a vested interest in overseas trade, kept risks to shipping at a minimum. The U.S. Navy provides that role now. A second precondition is an increase in the ease of communications compared to contemporary practice. For the Roman Empire it was the Roman network of roads. The British Empire straddled the transition from roads to telegraphs. For the US, it's cellular phone and Internet communications that have improved communications. Plant ecology by odum.
Business Purchasing Impacts
Businesses benefit from globalization by being able to access cheaper labor and materials. In the modern era, this leads to businesses contracting manufacturing to China and Thailand. The cost of shipping the finished product is still less than the price differential in wages and manufacturing costs. Cloth and clothing were the first goods outsourced, but has since included electronics, injection molded plastics and office jobs, like computer programming and telephone customer service.
Business and Brand Management Effects
Reliance on globalized resources makes managing businesses much more dependent on factors that are outside of the business owner's control. When a volcano erupts in Iceland and shuts down air and ocean traffic in Northern Europe for a week, the effects are felt around the world. When cartels control a vitally needed material such as oil, lithium (used in batteries) or rare earth metals (used in electric motors), price fluctuations occur. While the benefits for globalized businesses are substantial for investors, the risks are also enormous. Brands compete for customers on a global basis, and billion-dollar companies can vanish quickly. Consider the fate of Palm, which went from being the dominant player in smart phones to an abandoned subsidiary of Hewlett Packard in less than three years. There are, effectively, no 'safe niches' in business, where local conditions can shield a business from a global marketplace.
Drivers Of Globalization Pdf
Government Policy Effects
With reduced barriers in communications and transportation costs, business are free to move to places where conditions favor them. American businesses move their manufacturing to China not just because Chinese labor is cheaper, but because China has less restrictive environmental and worker safety regulations. Globalization's secondary impact on government policies is in monetary policies. Countries that are net exporters of goods, such as China, want to keep their currencies weak against the Euro and US dollar; this acts as a magnet for foreign investment, because dollars or Euros have greater relative purchasing power.
Limited Duration of Globalization
Historically, globalization periods are short lived. The British experiment with globalization lasted 40 years. America has been importing heavily for 30 years, and there is growing rejection by consumers. Two things end periods of globalization. Economic crises in the economies of the nations that provide naval security, and technological disruption, where a new technology re-shapes the market in ways that favor their rivals.
References (3)
About the Author
Ken Burnside has been writing freelance since 1990, contributing to publications as diverse as 'Pyramid' and 'Training & Simulations Journal.' A Microsoft MVP in Excel, he holds a Bachelor of Arts in English from the University of Alaska. He won the Origins Award for Attack Vector: Tactical, a board game about space combat.
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