Interface between Globalization and Technology
Keywords:Globalization, Technology, Liaison, Globalization of Novelty, The Law of Diminishing Returns Full Text:
Globalization and technology are two sides of the same coin (Qadri, Bhat & Jamal, 2018). They are complementary and a good interface between the two is sine-qua-non for growth and development in the contemporary global village. For Domar (1957, as cited by Solow, 2000) investment has a dual role. On the one hand, it generates income and on the other hand, it increases the productive capacity in an economy. In the same manner, the modern economy has a dual role. On the one hand, it promotes globalization and on the other hand, it promotes the technology. Globalization and technology are not devils at all. There is no good or bad globalization. In the same manner, there is no good or bad technology. Good or bad discourse arises due to good or bad interface between the two. The present paper argues that the good interface between globalization and technology will generate the ‘globalization of novelty’ which is nothing but the ‘globalization of technological innovations’ (Archibugi & Iammarino, 2002) and it will definitely be the connecting link between ‘globalization’ and ‘economics of knowledge’ (Archibugi & Iammarino, 2002). Further, the present paper argues that there is a two-way causal relationship or bi-way causality between globalization and technology (Chareonwongsak, 2002). Technology is both strength as well as the weakness of globalization. If it is not in tune with globalization then it becomes its weakness instead of strength and vice versa. Since globalization is beyond what we are seen and observed (Chareonwongsak, 2002, Bhattacharya, Bürkner and Bijapurkar, 2016) the present paper argues that ‘globalization of novelty’ (author’s own term) or ‘globalization of technological innovations’ is achieved only and only if we understand the reality of economics of knowledge and ideas. That is to say that a good interface between globalization and technology is a matter of sound understanding of the economics of knowledge and ideas. The need of the hour is to understand the economics of knowledge and ideas so as to understand the interface between globalization and technology. The economic inequalities we realize today is a result of how we manage globalization and technology (Reeves and Harnoss, 2016). For reducing economic inequalities and achieving a fair distribution of income, output, and employment in an economy it is essential to realize a good interface between globalization and technology. Therefore, in order to realize a good interface or interaction, the present paper suggests some ways and means which has a policy and future implication.
Alan D. Schrift (2006), Twentieth-Century French Philosophy: Key Themes and Thinkers, Blackwell Publishing, 126.
Albrow, M. & Elizabeth, K. (1990). Globalisation, Knowledge and Society, 8. London: Sage.
Appadurai, A. (1996). Modernity at large: Cultural dimensions of globalization. Minneapolis. USA: University of Minnesota Press.
Arrow, K. (1962). The Economic Implications of Learning by Doing. Economic Studies, 29(3), 155-173. Retrieved from http://www.jstor.org/stable/2295952.
Bain, Read. (1937). Technology and State Government. American Sociological Review, 2(6), 860. Doi: 10.2307/2084365.
Bhattacharya, A., Bürkner, H., &Bijapurkar, A. (2016). What You Need to Know about Globalisation’s Radical New Phase. Retrieved from Boston Consulting Group website: https://www.bcgperspectives.com/content/articles/globalization-growth-what-need-know-globalization-radical-new-phase/
Bhattacharya, A., Khanna, D., Schweizer, C., &Bhijapurker, A. (2017). The New Globalisation: Going Beyond the Rhetoric. Retrieved from Boston Consulting Group website: https: //www.bcg.com/publications/2017/new-globalization-going-beyond-rhetoric.aspx
Borgmann, Albert (2006). Technology as a Cultural Force: For Alena and Griffin. The Canadian Journal of Sociology, 31(3), 351–60. DOI:10.1353/cjs.2006.0050.
Cox, Robert. (1994). Global Restructuring: Making Sense of the Changing International Political Economy. In Richard Stubbs and Geoffrey Underhill (eds.), Political Economy and the Changing Global Order. New York: St. Martin’s Press.
Currie, J., & J, Newson. (1998). Introduction. In Universities and Globalisation: Critical Perspectives. California: Sage Publications.
Dervis, K. &Chandy, L. (2016). Are technology and globalization destined to drive up inequality? Understanding inequality and what drives it. Global Economy and Development. Retrieved from https://www.brookings.edu/research/are-technology-and-globalization-destined-to-drive-up-inequality/
Featherstone, M. (1995). Undoing Culture: Globalisation, Postmodernism and Identity. London: Sage.
Franklin, Ursula. (1999). The Real World of Technology (revised ed.). Scarborough: House of Anansi. ISBN 978-0887848919.
Giddens, A. (1990). The Consequences of Modernity. Cambridge: Stanford University Press.
Greg, I. P. (2013). The Gated Globe. The Economist. Retrieved from http://www.economist.com/news/special-report/21587384-forward-march-globalisation-haspaused-financial-crisis-giving-way.
Jaumotte, F., Lall, S., &Papageorgiou, C. (2013). Rising Income Inequality: Technology, or Trade and Financial Globalization? IMF Economic Review, 61 (2), 271-309. DOI: 10.1057/imfer.2013.7
Kar, S & Roy, C, S. (2015). Globalization of Technological Innovation: Challenges and Opportunities. Science and Culture,Retrieved from http:// www.Scienceandculture-isna.org/july-aug-2015/06% 20Art _Globalisation %20 of% 20 Technologicalby _S.C.%20Roy_Samarjit%20Kar_Pg.182.pdf
Lee, E. & Vivarelli, M. (2006). Understanding Globalisation, Employment and Poverty Reduction. New York: Palgrave Macmillan.
Lee, K. (2014). Globalisation, Income Inequality and Poverty: Theory and Empirics. Retrieved from http://rcube.ritsumei.ac.jp/bitstream/ 10367/5827/1/BKS28_lee.pdf.
Marshal, Alfred. (1890). Principles of Economics. Vol. 1 (First edition). London: Macmillan. Retrieved from https://archive org/ stream /principles econo 00mars goog #page /n8 /mode/2up
Muth, J.F. (1961). Rational Expectations and the Theory of Price Movements. Econometrica, 29(3), 315-335. Retrieved fr o m http://www.jstor.org/stable/1909635.
Myint, Hla. (1969). The Economics of the Developing Countries, Hutchinson University Library, 119.
Myrdal, Gunner. (1957). Economic Theory and Undeveloped Regions. London: Methuen & Co.
Reeves, M. &Harnoss, J. (2017). The Business of Business is No Longer Just Business: Retrieved from The Boston Consulting Group website: https://www.bcg.com/en-in/publications/2017/corporate-strategy-business-no-longer.aspx.
Robertson, Roland. (1983). Interpreting Globality. In World Realities and International Studies Today. Glenside, PA: Pennsylvania Council on International Education.
Robbins, L., 1969 . An Essay on the Nature and Significance of Economic Science, 2nd edition. Macmillan, London.
Sargent, T., & Wallace, N. (1975). “Rational” Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply
Rule. Journal of Political Economy, 83(2), 241–254. Retrieved from http://www.jstor.org/stable/1830921.
Schreiter, R. J. (1997). The New Catholicity: Theology between the Global and the Local. New York: Orbis Books.
Samuelson, J. (2013). The New Globalisation. Retrieved from https://www.washingtonpost.com/opinions/robert-samuelson-the-new-globalization/2013/10/16/d0286c84-3682-11e3-8a0e-4e 2cf80831fc_story.html?utm_term=.17fb1920fed4.
Singh, A., &Dhumale, R. (2000). Globalisation, Technology, and Income Inequality: a Critical Analysis (Working Paper No.210). Retrieved from https://pdfs.semanticscholar.org/2c45/fe40d43d45c 887d3f0c6376721c837420131.pdf
Solow, R.M. (1956). A Contribution to the Theory of Economic Growth. The Quarterly Journal of Economics, 70(1), 65-94. DOI: 0.2307/1884513.
Webster (1961).Webster‟s Third New International Dictionary of the English Language Unabridged (Springfield, MA: Merriam). Retrieved from http://wrap.Warwick .ac.uk/id/eprint/
World Bank. (2000). Poverty in an Age of Globalization. Retrieved from http://www1.worldbank.org/economicpolicy/globalization/documents/povertyglobalization.pdf
Bimber, Bruce. (1990). Karl Marx and the Three Faces of Technological Determinism. Social Studies of Science, 20(2), 333-351. Doi: 10.1177/030631290020002006.
Archibugi, D. &Iammarino, S. (2002). The globalization of technological innovation: definition and evidence. Review of International Political Economy, 9(1), 98-122.
Chareonwongsak, K. (2002). Globalization and technology: how will they change society? Technology in Society, 24, 191-206.
Liddell, Henry George; Scott, Robert. (1980). A Greek-English Lexicon (Abridged Edition). United Kingdom: Oxford University Press. ISBN 0199102074.
Mannix, Loretta H., Stratton & Julius Adams (2005). Mind and Hand: The Birth of MIT. Cambridge: MIT Press. 190–92. ISBN 0262195240.
Solow, Robert M. (2000), Growth Theory: An Exposition (2nd edition). Oxford University Press, Oxford and New York.