![]() ![]() Buyers and sellers can now make transactions at any time and any part of the globe. For example, the world wide web has reduced the barriers of time and place in business dealings. Information technology has led to the emergence of the global village. Patented technology encourages globalization as the firm owning the patent can exploit foreign markets without much competition. Technological advancements reduce costs of transportation and communication across nations and thereby facilitate global sourcing of raw materials and other inputs. Technological breakthroughs compel business enterprises to become global by increasing the economies of scale and the market size needed to break even. In fact technological progress has been one of the main forces driving globalization. Advancements in technology have considerably facilitated globalization.
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