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Project The Economy

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Running head: PROJECT THE ECONOMY 1

Project the Economy

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PROJECT THE ECONOMY 2

Project the Economy

Globalization can be defined as the increasing interconnection of the social, political and

economic components of the globe (Levitt, 1993). There are various factors which have

promoted globalization. One of the major drivers of globalization is technology. The world has

experienced rapid spread of information technology and communications across the globe. The

invention of the internet has been a major catalyst for globalization. The second driver is the high

investment of the broadband technologies such as the undersea and fiber optic cables as well.

Thirdly, is the adoption of English as the language of communication across the world.

Globalization has made the world a global village and increased competition of

employment opportunities and businesses. Globalization also facilitates the transfer of skills,

knowledge, and technology from one nation to another. Different nations are also able to share

technologies. Businesses are also easily conducted as a result of globalization. The level of

competition in the business environment has been taken a notch higher. Through globalization,

the buyers and the sellers can be able to access information regarding the market. Producers can

use technology to offer high quality products and a lower price. Buyers are also able to access

information regarding the prices. The intensity of competition therefore increases.

The growth of globalization can be traced back to the twenty-first century when the internet was

invented (Ishay, 2008). People can do a lot of things just by the click of a button or a touch on a

screen. Businesses are also conducted while inside the office.

Technology has been the major catalyst of globalization. Through technology, people can

conduct business through E-commerce. This has been a major driver of business today. E-

commerce accounts for huge business transactions. Through technology, businesses can procure

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Running head: PROJECT THE ECONOMY 1 Project the Economy Name Institution PROJECT THE ECONOMY 2 Project the Economy Globalization can be defined as the increasing interconnection of the social, political and economic components of the globe (Levitt, 1993). There are various factors which have promoted globalization. One of the major drivers of globalization is technology. The world has experienced rapid spread of information technology and communications across the globe. The invention of the internet has been a major catalyst for globalization. The second driver is the high investment of the broadband technologies such as the undersea and fiber optic cables as well. Thirdly, is the adoption of English as the language of communication across the world. Globalization has made the world a global village and increased competition of employment opportunities and businesses. Globalization also facilitates the transfer of skills, knowledge, and technology from one nation to another. Different nations are also able to share technologies. Businesses are also easily conducted as a result of globalization. The level of competition in the business environment has been taken a notch higher. Through globalization, the buyers and the sellers can be able to access information regarding the market. Producers can use technology to offer high quality products and a lower price. Buyers are also able to access information regarding the prices. The intensity of competition therefore increase ...
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