Globalization in The Sphere of Technology and Trade

Introduction: Technology and Radical Free Trade

Technology has become synonymous with the word “Access”. It enables radical free trade, thereby enhancing consumer economics on a global scale. Throughout history, technology has allowed many businesses to excel globally, exemplifying “radical free trade” in the universal market. By adopting cost-effective high-tech evolutions rapidly, technology has made anything possible, resulting in a boundaryless world. By overcoming distance and time zones, technology ushered in an era of radical free trade with the global concept of “anytime and anywhere.” Whether it is eBay trading goods, distance education, or telemedicine enabling healthcare to transcend borders, technology has made the world virtually compact. By creating a common platform for invitation, invention, and collaboration, technology has elevated free trade to radical free trade, yet has also created dependencies, making the graph of radical free trade directly proportional to technological advancement.

Globalization in The Sphere of Technology and Trade

Technological developments in recent years have significantly amplified the competitive nature of business. Businesses have leveraged software and the Internet to transform their operations from local to global competitors. Many corporations have responded to these changes by automating business processes and harnessing industry-related data for their benefit. Technology has also enabled businesses to remain flexible, adapting their operations to newer and improved industrial advances to withstand corporate competition. This has created wider choices and awareness for the average consumer. As Friedman and others have noted, trade has been reformed and reordered over the last couple of decades due to continuous innovations (Friedman, 2005).

Friedman’s perception of “the world is flat,” as he described several flattening factors making the world a common playing field, suggests that anybody from anywhere in the world can join and compete at the same level. This perspective holds some validity due to the evident technological shifts that have generated the concept of business globalization. However, in my opinion, it is not entirely true because of certain limitations technology must face. The term “globalization” has boundaries, as it primarily pertains to nations with technological adaptations, such as developed and some developing countries. There remains a significant portion of the world where free or radical free trade is not possible due to a lack of technological adaptations (Sassen, 2007).

I agree with some colleagues who argue that the world is still flattening. Important points to consider from Friedman’s arguments include individual influences and opportunities, the precision of geopolitical borders, international trade policies, and more. At the same time, globalization does not necessarily make a positive contribution to the global economy or foreign exchange. The globalization of certain trades has caused local businesses to collapse, resulting in the depreciation of local economies and creating monopolies in certain sectors.

The Dual Nature of Technological Advancement

Development or destruction can become unbalanced with technology, and if that happens, the impact extends beyond borders, affecting everyone within reach. The development of technology can determine a state's future in terms of financial growth and its position in the international community. The evolution of technology is a primary influence and foundation for accelerating a nation’s economic growth. Simultaneously, technological advancement will enable a country to be more competitive in the global trade market. As more advanced technologies emerge and more tech-savvy traders connect to the market, we can anticipate further advancements in this ever-evolving playing field. As technology has altered various aspects of our existence, it is certain that it will change other dimensions of business as well.

Conclusion

In conclusion, radical free trading is growing exponentially, but as with many cases, there is always an equal resistance to too much development. Therefore, any future changes in international e-commerce could shift the axis of radical free trading, heavily influenced by technology, in either direction.

References

Friedman, T. L. (2005). The World Is Flat: A Brief History of the Twenty-First Century. Farrar, Straus and Giroux.

Sassen, S. (2007). A Sociology of Globalization. W. W. Norton & Company.