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Using what you have learned, describe the effect of communications technology on globalization.
Be sure to mention how communications technology affects trade.

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Explanation:

Globalization is an economic and political phenomenon that has transformed the relations of production and labor. The companies started to produce in countries where the labor is cheaper, becoming consequently more competitive. Globalization was underpinned by the development of information technologies that connected markets in real time, increasing firms' efficiency and opening new markets for trade and new forms of consumption for goods such as online shopping.

Communication technology impacts the process of exchanging information and resources expansion across borders.

Globalization is a process by which different nations integrate which each other in order to exchange and transfer their resources and technology.

The impact of information technology on globalization is described below:

  • It connects the different markets at the international level in real-time, which brought up the e-commerce sector.
  • It provided businesses with innovative ideas to conduct business activities through online platforms from their country only.
  • It helps businesses, suppliers, and other stakeholders to interact easily for formulating agreements of trade and business.

Learn more about globalization and information technology here:

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