Globalization in the 21st century was shaped and guided according to the countries reputation as well as its civilization. Globalization has by now laid down the phase for this epoch through making the world interrelated further and the tools of empowerment available to all. “To start with, Globalization refers to the trend toward countries joining together economically, through education, society and politics, and viewing themselves not only through their national identity but also as part of the world as a whole”.
This revolution has been driven by the break through in science and technology whose impacts touch every feature of our today’s live. In order to withstand this epoch, we must cuddle science literate and grateful ethnicity.
The impact of science and technology on globalization in the 21st century caused so many changes in the world. These changes played a great role in enhancing the economy of the world as well as empowering every sector that emerged in those times. To start with, improvement of agriculture sector was among the first changes that were conveyed by the 21st century. As a result of global change, agricultural systems were enduring ecological and social changes.
Due to the global change, the modification of climate, land and water resources, and biodiversity shaped the base of agricultural production systems. Nowadays, this globalization is making it possible for the farmers to produce food sustainably and giving power to consumers in making choice concerning food that is inexpensive, healthy and secure.
The improvement in technology is another factor that was impacting the changes in the beginning 21st century. This technology was making it probable to telecommute, vocation from virtual bureaus and converse with businesses and individuals all over the world.
This technology was backed by the advanced computer science and information technology which helped in its growth. The technology’s enormous impact on globalization was making it possible for companies of all magnitudes to trade with clienteles over the globe. Nowadays, the technology is enabling commerce to start satellite offices in nearly every country no matter how distant it is as long as there is internet access.
Finally, information and communication is another factor that was impacting the changes in the beginning of 21st century. This was giving the world-wide universal entrance throughout the innovative information and technologies (ICT) that were so far additional features of globalization. Its final symbol, instrument and for the time being its spearhead was certainly the world-wide-web. These technologies together with mobile phones are now playing a great role in the enhancement of technology in the 21st century. Also, the technologies are also trying hard to make the whole world a global village.
Impact of Science and Technology on the 2010 economic recession? Explain
Recession also called crisis is a piece of usual series of business. Recession can also be connected with lessening prices well-known as depreciation caused by the lack of demand of products. “According to the National Bureau of economic research” (NBER) recession is defined as an important reject in economic activity spread across the economy, lasting more than a few months, normally visible in real gross domestic product (GDP), real income, employment, industrial production and whole-retail sales.”
There are a number of factors that contributed to the 2010 economic recession. These factors wobbled the economy of the world to great heights. For instance, the U.K was among the regions that were affected by the 2010 economy recession for its increasing of government borrowing loans. This region had the highest rate of loan borrowing compared to the other regions. This debt led to a recession for the government budget resulting to lesser tax revenues and a shooting government expenditure on unemployment paybacks.
Falling of share prices is another 2010 economic recession that was in many countries in the world. This was caused by some countries having some clashes and as a result causing the falling of share prices. Inflation is also another 2010 economic recession. This inflation was first experienced in the United States being a region that was mostly affected by this economic recession. This inflation was caused by the rise of their currency hence causing exports become more expensive while the imports declining causing the lowering of the economic growth.
Due to the continued growth of the inflations, the United States banking system was also affected. It is believed that small and mid-size banks crossways the United States were deteriorating at a rapidly accelerating rate. In this year, the whole U.S banking system was tottering on the brink of tragedy.
By the help of the top economists and global leaders this disaster was looked upon although it did not immediately catch up as it is said. Both the inflations and banking system were the cause of some factors like bad economic news, bad news on housing industry, bad news from Europe, and bad news in the financial markets which were all caused by the 2010 economic recession in some countries like the United States.