Interface between Globalization and TechnologyAuthor : Binish Qadri and MudaserAhad Bhat
Volume 7 No.3 October-December 2018 pp 1-6
Globalization and technology are two sides of the same coin (Qadri, Bhat & Jamal, 2018). They are complementary and a good interface between the two is sine-qua-non for growth and development in the contemporary global village. For Domar (1957, as cited by Solow, 2000) investment has a dual role. On the one hand, it generates income and on the other hand, it increases the productive capacity in an economy. In the same manner, the modern economy has a dual role. On the one hand, it promotes globalization and on the other hand, it promotes the technology. Globalization and technology are not devils at all. There is no good or bad globalization. In the same manner, there is no good or bad technology. Good or bad discourse arises due to good or bad interface between the two. The present paper argues that the good interface between globalization and technology will generate the ‘globalization of novelty’ which is nothing but the ‘globalization of technological innovations’ (Archibugi & Iammarino, 2002) and it will definitely be the connecting link between ‘globalization’ and ‘economics of knowledge’ (Archibugi & Iammarino, 2002). Further, the present paper argues that there is a two-way causal relationship or bi-way causality between globalization and technology (Chareonwongsak, 2002). Technology is both strength as well as the weakness of globalization. If it is not in tune with globalization then it becomes its weakness instead of strength and vice versa. Since globalization is beyond what we are seen and observed (Chareonwongsak, 2002, Bhattacharya, Bürkner and Bijapurkar, 2016) the present paper argues that ‘globalization of novelty’ (author’s own term) or ‘globalization of technological innovations’ is achieved only and only if we understand the reality of economics of knowledge and ideas. That is to say that a good interface between globalization and technology is a matter of sound understanding of the economics of knowledge and ideas. The need of the hour is to understand the economics of knowledge and ideas so as to understand the interface between globalization and technology. The economic inequalities we realize today is a result of how we manage globalization and technology (Reeves and Harnoss, 2016). For reducing economic inequalities and achieving a fair distribution of income, output, and employment in an economy it is essential to realize a good interface between globalization and technology. Therefore, in order to realize a good interface or interaction, the present paper suggests some ways and means which has a policy and future implication.
Globalization, Technology, Liaison, Globalization of Novelty, The Law of Diminishing Returns
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