Globalization is the buzzword of today. The economies of the world are being increasingly integrated. Mobile phones and Internet have brought people closer. The world is becoming a smaller place. Goods, which were once confined to western countries, are available across the globe. Work can be outsourced to any part of the world that has an Internet connection.
Because of improvements in traffic infrastructure one is able to reach one’s destination in a relatively short span of time. Information Technology is a driving factor in the process of globalization. Improvements in the early 1990s in computer hardware, software, and telecommunications have caused widespread improvements in access to information and economic potential. These advances have facilitated efficiency gains in all sectors of the economy. IT provides the communication network that facilitates the expansion of products, ideas, and resources among nations and among people regardless of geographic location. Creating efficient and effective channels to exchange information, IT has been the catalyst for global integration. Today, of course, the Internet and the Web have transformed commerce, creating entirely new ways for retailers and their customers to make transactions, for businesses to manage the flow of production inputs and market products, and for job seekers and job-recruiters to find each other. The news industry has also been dramatically transformed by the emergence of numerous Internet-enabled news-gathering and dissemination outlets. To sum up Experience with previous technologies suggests that prudent policies can help us effectively manage the risks associated with new technologies without harm to their benefits.
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