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Issues in global economy - Research Paper Example

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Issues of Global Economy Date Global Economy: Critical Review of an Article The article on information technology, cumulative, causations and patterns of globalization in the third world by James Jeffrey on the position of Information technology in relation to globalization in the developing world…
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Download file to see previous pages This piece of writing will center on the strengths, weaknesses, and legality through explanation and in depth analysis. James argues that the effect of information technology on Global perspective has not been deliberately considered. He further stipulates that some developing countries are not in a spot to enjoy the technical changes in the information technology. James further posits that developing countries should become accustomed to the plentiful uniqueness of the information technology such as capability of eliminating irrepressible competition in the business globe. He added that there are great ideology and procedures linked with the information technology (Bigman 2007, p.3-5). James draws his strong points from a World Bank publication that was published in 1996. The document was entitled Global Economic Prospects and The Developing Countries. This document showed findings on irregular participation of developing countries in overseas trade and investments. Good number of developing countries experienced undeniably inferior foreign investments to GDP ratios. Technology situates its control on a range of aspects of the economy such as societal, political, and monetary factors (Bertho 2008, p.168-170). James argues that in the midst of developing countries, the NICs more than any other cluster of developing countries have immensely improved by having a clear understanding of the benefits of information technology and enhanced interaction amongst them. The author supports his argument by giving examples of the countries who have realized dire need of involvement in information technology such as Taiwan, Singapore, and Korea. He emphasizes that these countries had sensed the revolutionary changes and transformations brought about by the information technology. The countries deemed it necessary to increase their competitive edge by thoroughly involving themselves in technological transformation of the complete economy (French 2008, p.80-81). James derived his arguments from very rich sources such as the World Bank and other scholarly sources. Additionally, it comes into reader’s mind that the issue of technology in advancement of the economy has been immensely studied. James argues that developing countries should be able to comprehend and absorb the various benefits coupled with technology in enhancement of the economy. The author, who acknowledges the uneven distribution of globalization, adds that governments should come up with very clear policies that aspire to incorporate the developments of information technology in the developing countries (Bertho 2008, p.163-165). James elaborately, describes and relates the thought of information technology with the global economy by recurrently giving examples. He stipulates that information technology have ease communication amongst countries by stating e-commerce among the advantages gained by technology. He further argues that there are numerous cot saving ideas that are found in technology. According to James, the countries involved intensive use of technology, gains a competitive advantage and better infrastructure thus increasing their foreign investments (Bigman 2007, p.4-6). The article’s motive was to relate globalization with the information technology but this has not been entirely considered by James. The author does not clearly explain in this article, how information techn ...Download file to see next pagesRead More
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