Advancements in technology have eased globalization. Actually, technological advancement has been among the chief forces driving globalization. Technological discoveries induce business enterprises to become worldwide by raising the economies of both scale and the industry size required to break even.
Technological improvements reduce prices of transport and communication across countries and thus facilitate international sourcing of raw materials and other inputs. Patented technology promotes globalization since the company owning the patent may exploit overseas markets without a lot of competition.
Information technology has caused the development of this global village. By way of instance, the worldwide internet has reduced the obstacles of time and put in business transactions. Buyers and sellers are now able to make trades at any moment and at any portion of the world. Technological change also impacts investments. Earlier, higher technology manufacturing was confined to wealthy countries with high salaries. Nowadays technology is readily transferable to developing nations where high-tech goods could be used with low salaries. A high number of companies in advanced nations are currently outsourcing services from developing nations.