New Technologies and Business - Essay Example

? New Technologies and business Contents Contents 2 New technologies, business identity and sovereignty of s in the context of globalization 3 Self identity and exchange among new generations in the context of globalization 5 Reference 7 New technologies, business identity and sovereignty of states in the context of globalization The economies all over the world have witnessed rapid advancement due to the effects of globalization. In the earlier days, the technological developments, application of new technological discoveries were limited to one’s own economy or used by the developing countries. The new technologies were used in the domestic markets. The overall economy of the world was not in a position of equilibrium with the fruits of the new technologies being used by the developed economies and the other economies were deprived of the new technologies. The age of globalization has led to economic reforms and the developing economies have opened the doors to foreign investments. Thus the markets in the merging economies have accepted foreign investments that have led to the transfer of new technologies as a result of the foreign direct investment by the developed economies. Due to the increase in investments by the foreign investors, the business identity of the local market has also been a point of consideration to the policymakers. The economic policies of the local governments have allowed subsidies and incentives in the form of reduced taxes and other allowances in order to encourage foreign investments to take place in the domestic markets. This has exposed the domestic markets to foreign competition in terms of technological advancements, quality and pricing. The multinational companies have set up their establishments in the emerging markets. Thus the legal construction of the boundaries of the sovereign states was crossed and this led to the transfer of new technologies required to tap the opportunities of the emerging markets in the age of globalization. The new technologies brought about by the multinational companies in several states across the world have created a business identity for themselves in the worldwide markets. The multinational companies like the International Business Machine, Apple Inc, Microsoft, General Motors, Unilever Corporation, Morrison, etc. are from different industries that have brought new technologies in the worldwide markets. The research and development wings of these companies have developed the new technologies in accordance to the customized demand of the markets and this has helped them to develop a business identity for themselves. By introducing the new technologies that have fulfilled the market demands and satisfied the customers have helped them to enter the new markets and capture the market shares. The multi-national business houses that have brought about new technologies in the world wide markets have been able to increase their market capitalization. The new technologies have the businesses to manufacture and sell products to the customers which are of unexpectedly high quality and at the same time cost effective. The air of globalization and the transfer of new technologies across the legal boundaries of sovereign states have led to the development of a brand image and goodwill in the market. This is the mark of the business identity that has been achieved due to the process of globalization and increased consumerism. The advent and transfer of new technologies across the legal and geographical boundaries of states had an impact on the sovereignty of the states and its people. Due to the application of the new technologies in the host countries and the change in the quality, style and pricing of products and services, the taste and lifestyle of the people also changed. The states witnessed an increase in consumerism and the employment level in the states improved. The increase in the number of job opportunities in the economy of sovereign states led to the rise in income level. With more money in the hands of the population, the consumption demand of he sovereign states witnesses a huge development. Due to the circular flow of money, the business houses increased the supply of goods and services. This eventually led to the hike in the growth rates of the economy of sovereign states. The livelihood of the people, food habits, and lifestyle underwent dramatic changes in the air of globalization and due to the transfer of technologies and establishment of corporate identity of the business conglomerates. Self identity and exchange among new generations in the context of globalization The advent of new technology and its transfer across the geographical and legal boundaries of sovereign states in the age of globalization has led to the enrichment of the socio-cultural conditions in the economies all over the world. Due to the exchange of new technology and its fruits among the new generations in the context of globalization, the new generations could establish their self identity along with the rapid developments of the technology. The exchange among the generation of Jews, Muslims and the Christians meant that people from different culture were brought to a common platform where they could exchange their views, experience and expertise with each other. The overall process of sharing led to the development of self identity. Apart from self identity, the individuals were also enriched by the mutual sharing and process of transfer. The multinational corporations that have diversified and engaged into foreign investments either through the joint ventures and other techniques of strategic alliance have employed a diversified workforce. The employees from different corners of the world came to a common platform where they were required to work together. This happened only because of the process of globalization. The workforce of the multinational companies is diverse in nature with people from all religions like the Jews, Muslims and the Christians are required to work as a common entity. This led to the integration of different religion, culture and food habits. Thus apart from having a self identity, the requirements of adaptation of the individuals also became important. The technological, manufacturing, industrial as well as other operations demanded team identity and the individuals required to participate in the process of exchange. The identity of the corporate teams became more important and the process of exchange gained momentum between the members of the workforce (Boreham, 2008, p.126). In the process of exchange of technology, cultural exchange also took place. The operation of the corporate conglomerates took place in the hands of their individuals who were from diverse backgrounds. The process of exchange led to the transfer of cultural thoughts and beliefs. The various religious beliefs were also shared among the Jews, Muslims and the Christians. The food habits and lifestyles were also shared among the people of different races. The people came to know about the positive and negative points of the other religions and cultures and also adopted the positive points in their own lifestyle. Thus the identity of self underwent transformation in the process of exchange between the people of several religions. The characteristic traits of other religions and culture were adopted by the people keeping an eye on the self identity. The food habits and the lifestyles underwent most rapid transformation in this process of exchange. The people who were dependent mostly on the agricultural started to consume more meat, milk, beverages and other drinks. The consumption of fast food increased tremendously in order to keep pace with the speed of daily life. The lifestyle of the people also underwent changes with less time for leisure. The increase in income level and the flow of liquidity with the increase in activities and production resulted due to the transfer of new technologies in the air of globalization. In the process of transfer of new technologies which increased with the emergence of globalization, the people of the sovereign states who enjoyed the fruits of the advanced technologies enriched to a great extent and developed a self identity in the process of exchange among the new generations. Reference Boreham, P. 2008. New Technology at Work. Routledge; USA. Read More