Question
Download Solution PDFWhich of the following is a major factor that has facilitated globalisation?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Rapid improvements in technology.
Key Points
- Technological advancements have significantly lowered transportation and communication costs, making global trade more efficient and accessible.
- The internet and digital technologies have facilitated instant communication and data exchange across the globe, enhancing international business operations.
- Improvements in shipping and logistics technology have reduced the time and cost of moving goods across borders, boosting international trade.
- Advances in information technology have enabled companies to manage global supply chains more effectively, coordinating production and distribution worldwide.
- Technological innovation has also led to the development of new products and services, opening up new markets and driving economic globalization.
Additional Information
- Global Supply Chains: Technological advancements have enabled the development of complex global supply chains, where production processes are distributed across multiple countries to optimize costs and efficiency.
- Telecommunications: The evolution of telecommunications, including mobile networks and internet connectivity, has facilitated real-time communication and collaboration between businesses and individuals worldwide.
- E-commerce: The rise of e-commerce platforms has allowed businesses to reach international customers directly, bypassing traditional physical retail channels and expanding their global presence.
- Automation and Robotics: Technological innovations in automation and robotics have increased productivity and efficiency in manufacturing, enabling companies to compete globally by reducing production costs.
- Financial Technologies: Developments in financial technologies (FinTech) have streamlined international payments and transactions, making it easier for businesses to operate across borders.
Last updated on Jun 17, 2025
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