What are the main factors that have led to the globization of the world economy in recent times Discuss the view that modern technological advances m

MAIN BODY

Economic globalization is referred to as an increasing trend of interdependence among various economic countries of the world (Perraton, 2019). Globalization is referred to as an international strategy that is very useful in expanding the separations of the business at a worldwide level. Globalization is very useful because it helps companies provide a higher competitive position by effectively attaining economies of scale. This in turn results in a growing scale associated with the cross-border transaction and trading of commodities and services. Globalization is very beneficial because it helps in the flow of international capital into the economy. Globalization helps in the rapid spread of technologies from one economy to another, which leads to higher operational performance and productivity (Bende-Nabende, 2017). This in turn has led to an increased level of competition because of globalization by stimulating new technological development. Globalization is very useful in improving the output of the economy by effectively making operations more efficient.  Foreign direct investment is considered to be one of the major factors that largely influences the growth of the economy. Globalization helps in better access to the resources, which in turn leads to higher operational growth and sustainability. It also helps in strengthening the position by effectively lowering various risk factors.  The key component of globalization is GDP. This is considered to be the market value of finished goods and services that have been produced within the economic boundaries of the country for a particular year (Peters, 2015). This serves as a measure to determine the overall economic output of the country.

Globalization also leads to technological innovation, which in turn helps companies and countries modernize into developed nations. On the contrary, the negative effects associated with globalization are mainly related to terrorism, which in turn has a negative influence on the economy. Job insecurity is considered to be one of the negative issues, which in turn largely influences the economic condition of the country. The overall economy of the country is considered to be one of the major factors of globalization (Tammaru et al., 2015). The natural resources, which are mainly linked with the human resource, financial resource, gas, oil, water, etc., are considered to be the major contribution to the globalization of the economy. Political issues of the country are considered to be one of the major issues, which in turn influences the economic globalization of the particular country. Regional trading and agreements between the countries are considered to be one of the major scopes for the globalization of the world economy. Increased globalization leads to a reduction in the overall production cost of the company. Globalization has led to several opportunities, which in turn lead to higher economies of scale. It also helps in higher innovation and faster transmission of newly developed technology (How Globalization Affects Developed Countries, 2019).  Globalization tends to have a positive impact on the economic growth of the company. These variables mainly consist of GDP per capita, capital flows, foreign direct investment, and much more. Trade among nations aids to competitive advantage to the economy, which in turn results in higher economic growth and performance.

Technological advancement is considered to be one of the most technologically driven factors, which in turn helps in driving force for economic globalization. This is an effective field that is very useful in giving rise to the import and export of particular goods and services. Technological revolutions in companies tend to result in better trading of goods and services from one economy to another. On the contrary, integration of new and advanced technology helps in revolutionizing the way particular businesses work. It has led to e-money, e-banking, and the and the transfer of goods and funds with the help of internet services, which helps in better performance and productivity (Schnall, Dobson, M., and Landsbergis, 2016). Development and integration of new and advanced technology have largely influenced world trade, which in turn is very useful in bridging the gap associated with space and time. One of the key potential benefits associated with globalization is that it aids in providing higher opportunities and is very useful in reducing the macroeconomic volatility on consumption and output with the help of diversification of risk. Technology plays a key role in spreading growth potential and knowledge between countries. This helps in effectively building capacity to absorb knowledge and also efficiently utilize foreign knowledge (Bhattacharya, Rafiq, and Bhattacharya, 2015). Global economic integration is considered to be an effective measure that helps in effectively reducing the cost of trade. Economic integration is useful as it helps in improving the cost of trade of goods and services. Globalization through the cross-border transaction and trading of commodities and services. Global economic integration helps in technological sharing, which in turn leads to higher sustainable growth and efficiency of the business. Improvement and advancement in technology have led to better transportation and communication. Technological advancement is considered to be one of the major facilitators of the globalization process. Global integration helps in standardization of the products and centralization of the technology development. On the contrary, advancement in technology in the economy has led to higher costs for businesses. It also leads to lower employment levels, which in turn largely influence global economic integration (Jawahir and Bradley, 2016). It is very useful in the trade of goods and services, which in turn largely influences the performance and productivity of the services.

Technological progress helps in improving the quality of the business. Technology tends to have negative impact on society, which in turn largely limits global economic integration. Technology advancement largely impact the various number of jobs in the economy, which in turn largely limit global economic integration (Bhattacharya, Rafiq and Bhattacharya, 2015). Due to continuous technological advancement, the employees of the company needs to undergo continuous training and development programs. Economies or countries that are not able to adapt to advanced technology tend to largely limit the growth of the company.  International trade is considered to be one of the most crucial aspects, which in turn largely affects the operations of the business. Economic integration is considered to be beneficial for the participating countries. The key limitation associated with the trade of goods and services from one economy to another in turn largely influences global economic integration. Barriers associated with the flow of proper capital flow tends to largely affect the operations of the business. The demographic and cultural challenge is mainly associated with the limitation of global economic integration (Shukla, Sudhakar and Baredar, 2017). Economic integration helps in political, customaryand economic union. This is very useful in free trading of goods and services across several national boundaries. Modern technological advances tend to result in remote connectivity, which in turn is useful in automation of advanced technology in order to improve the performance and productivity of the business. This is an effective mean to improve connectivity network and communication from one economy to another for higher global economic integration. With the help of technology, customers are able to gain proper details about the products and services that are provided and offered by the company. Advancement in technology helps in easy access to the information and it also helps in saving time, which leads to higher operational growth and sustainability of the business. Technology provides the realm time collaboration and more interactivity to business one place to another. Technology is very useful in encouraging collaboration and also helps in improving engagement and retention of employees. The major limitation to technology is mainly linked up with economic and ethical issues. Automation of technology has led to limited global economic integration. Ineffective communication with foreign countries, which in turn largely affects the limit of global economic in