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“Technological Developments Have Been Credited With Rapid Growth In Global Trade. Discuss How This Has Impacted Global Poverty.”

2601 words - 11 pages

Technological developments have played a key role in the rapid growth of global trade; although the reduction in barriers of trade has made the globalisation of markets and production possible, the advancements in technology have made them possible in reality. The world has seen major developments in communication, information processing and transportation technology, we have also seen the explosive emergence of the World Wide Web (WWW) (Hill, 2009). This essay will discuss the effects of technology on global trade and how these effects have impacted global poverty.

According to United Nations (UN) “poverty as the total absence of opportunities, accompanied by high levels of ...view middle of the document...

The microprocessor is also responsible for the recent advances in telecommunications technology, over the last thirty years we have witnessed global communications be revolutionised by developments in satellite, optical fibre and wireless technologies, and more recently the internet and WWW. All of these technologies mentioned rely on the microprocessor to encode, transmit and decode the large amounts of information which flows along the electronic highways. According to Moore’s Law, the power of the microprocessor technology doubles, whilst its cost of production halves every 18 months. As a result of the increase in power and reduction in cost, the overall cost of global communications falls dramatically, this in turn reduces the costs of coordinating and controlling a global organisation. To give an example of the reduction in costs; between 1930 and 1190 the cost of a three minute phone call between New York and London feel from $244.65 to $3.32, by 1996 this figure fell to just 36 cents for consumers, and considerably less for businesses (Hill, 2009).

One of the biggest developments in telecommunications has been the mobile phone, this has provided many opportunities for emerging economies and less developed countries. The mobile phone has enabled Kenyan farmers to insure some of the costs of growing crops against bad weather; the mobile phone is able to link solar powered weather stations directly to the insurance company. Through the insurance scheme farmers are able to cover the cost of seeds, fertilisers and pesticides at local agricultural supply shops by paying an extra 5 percent of their value; if their harvest fails due to adverse weather conditions then they are reimbursed and can plant again (Reuters, 2010). The mobile phone has also enabled farmers to check weather reports, retrieve crop spraying information and find out how much money their goods would receive at the local market, all of which contribute to the battle against poverty (The Times, 2008).

The development of the microprocessor has also enabled the rapid growth of the WWW. In 1990, there was less than 1 million users connected to the internet, this grew to 50 million by 1995, and by 2007 this figure was a staggering 1.3 billion users. These days, the internet is considered as the information backbone of the global economy. If we take the US as an example, goods and services sold on the internet has gone from almost nothing in 1997 to £250 billion worth in 2007. The internet is eliminating constraints such as location, scale and time zones, it allows businesses to expand their global presence at a lower cost, regardless of how big or small they may be (Hill, 2009). The internet has provided opportunities for emerging economy India; MRI scans are now sent from America as they have a shortage of radiologists, the scans are interpreted by radiologists in India, and sent back via email. Although Indian radiologists earn one tenth of their American counterparts, it...

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