Globalization and Technological Advancements

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What are tools to enhance globalization?  

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Globalization is a process shaped by growing world trade and new technologies simplifying communication and transport. Technological tools improve how goods are produced and make them available to citizens across the globe. Transportation technologies have removed barriers involving distance and speed and lowered transport costs. New networks of transportation have...

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Globalization is a process shaped by growing world trade and new technologies simplifying communication and transport. Technological tools improve how goods are produced and make them available to citizens across the globe. Transportation technologies have removed barriers involving distance and speed and lowered transport costs. New networks of transportation have improved the flow of goods and services. Communication technologies connect geographically dispersed workers and support effective collaboration between markets and business locations. Along with technology, another tool enhancing globalization is the growth of foreign direct investment (FDI). Businesses use new technologies to open branches in foreign markets and to communicate with foreign investors. The internationalization of business activity has expanded trade, while new international regulations support an open market and a unified economy.

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On the most general level, globalization is enhanced by removing barriers to trade in goods and services, including tariffs and other restrictions. This can be done by global organizations such as the WTO or regional agreements such as Mercosur or NAFTA. 

Global standards such as those promulgated by ISO can also facilitate trade, as it enables companies to produce uniform products on a large scale rather than having to create multiple versions tailored to individual national markets. Uniformity of regulations, which exists to some degree in the EU, also facilitates global trade. 

Ease of communication is also important. The use of English as an international language makes it easier for companies across the world to communicate with each other. The internet also makes international communications fast and cheap, meaning that communication ceases to act as a barrier to trade.

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