Technological Advances and Globalization
2.3 Understand the impact of technological advances on globalization.
Perhaps the most important driving force of market globalization has been technological advances in information, communications, manufacturing, and transportation. Technological advances provide the means for market globalization to happen.
Information technology (IT) is the science and process of creating and using information resources. Its effect on business has been revolutionary. The cost of computer processing fell by more than 30 percent per year during the past three decades and continues to fall. IT creates competitive advantages by giving companies new ways to outperform rivals.11 Geographically ...
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