What Globalisation Means Essay Example | Topics and Well Written Essays - 3250 words

What Globalisation Means - Essay Example This paper stresses that globalisation and the initiation of new technologies have significantly changed the way business, government and society are organized. One of the key driving forces behind these changes is a new business model. Manufacturing technology, which began during the industrial revolution, making mass production possible; Transportation technology, like railways, motor transport, steam shipping and aeroplanes, allowing the movement of people, materials and finished products from country to country and continent to continent more quickly and cheaply; Information and communications technology, like the telephone, computers, the internet, satellite television, which have together contributed to both the globalisation of markets and the global co-ordination of worldwide business activities; all these contribute to the rapid pace of globalisation. This article makes a conclusion that major investments are being made by U.S. and European businesses, recognising the advantages of establishing offshore facilities that would complement their operations and production. Many businesses have resorted to interfirm cooperation to streamline and increase the efficiency in their respective operations. Interfirm cooperation is evident in research and development which allows firms to benefit from lower costs and high quality knowledge-based workers while the host country gains from technology transfer, acquiring new technologies and information from research and development efforts.