Economies around the world have been interconnected by advancements in technology. Because of this, consumers are able to enjoy better pricing on products. The power and promise of a globalized is obvious. 5 years ago, an automaker would have to completely design, engineer and build a car all in the same country. Currently, technology has given automakers multiple options on how they want to produce their cars. For example, a car can be designed in Korea, be engineered in America and be built in Germany. All this is made possible by the computerization of design studios, engineering studios, assembly lines and plants, which is a clear result of the advancement of technology.
Reflection:
Thanks to technological advancements, the world is now more interconnected than ever. The result of this interconnection is that manufacturers can outsource easily, making the best use of their funds. The consumer is, naturally, not left out. Greater efficiency spells lower production costs, which in turn gives rise to lower product prices. In other words, globalization has allowed manufacturers to harness technology in order to produce goods at maximum efficiency, which benefits consumers in terms of lowered prices.
Depending on the market conditions, manufacturers can choose different countries to outsource to. Take for example a television manufacturer. Since the Japanese are known to come up with innovative designs; the Indians are known to write computer programs as well as the Americans, but for a lower price; the Chinese are known to provide cheap labour and raw materials; the Singaporeans are known for their silicon wafers and the Germans are known to possess the best machinery; the television manufacturer can combine the niches of all these different countries into its end product, a television. This marvelous feat is achieved with the help of what else, but technology. Orders for silicon wafers from Singapore and raw material from China can be made from the German based factory via email, fax or phone. The designs and computer codes from Japan and India can be sent to and put together in Germany by means of email.
As you probably can see, globalization and technology allows us to harness the cheapest and the best from all over the world. This not only ensures that funds are not wasted, but also products of a superior quality but lower price. Technological expert Jonathan Pung
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