Lastly this paper will conclude with some recommendations to Governments and Companies on the effects that one of the seven forces of globalization will have on the nature of international business.
The force of globalization that this paper will focus on will be ‘Technology’. It is the case that the term ‘technology is difficult to define. It remains an important theme for all scientific development; furthermore all of these advances lead to improvements in the business community and subsequent globalization. However there appears to be no real consensus on it meaning. According to Marx (1997) it is the case that the term has become associated with business, engineering, advancement but subsequently has also become associated with exclusionary forces directed towards women, laborers, and non-western people. For the purpose of this paper, technology will be defined according to dictionary.com (2010) in which it will refer to the branch of knowledge dedicated towards the development and implementation of technical means towards industrial arts, engineering, science and applied science. In this regard one can consider technology an important element of globalization. According to the International Chamber of Commerce (ICC, 2000) technology remains one of the most important drivers of globalization through such factors as greater efficiency through e-commerce, the internet (Which provides instantaneous delivery of information). This proves to be a serious factor for globalization insofar as the free flow of information has made many markets more competitive. Secondly a major technological innovation that has brought about serious globalization factors is the spread and development of computers themselves which have helped make improvements in production and distribution capacities help drive down major costs and as such increase efficiencies. Building on this point major technological advances in the telecoms sector makes communication much easier