K. P. B. HINDUJA COLLEGE OF COMMERCE

NAME: NIRAV K. JAIN CLASS: T. Y. B. F. M. ROLL NO.: 45

SUBJECT: GLOBAL CAPITAL MARKET

ASSIGNMENT ON: ROLE OF TECHNOLOGY & MEDIA IN GLOBALIZATON

SUBMIT TO: PROF. KULDEEP SHARMA

GLOBALIZATION Introduction Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. Globalization is not new, though. For thousands of years, peopleand, later, corporationshave been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages. Likewise, for centuries, people and corporations have invested in enterprises in other countries. In fact, many of the features of the current wave of globalization are similar to those prevailing before the outbreak of the First World War in 1914. But policy and technological developments of the past few decades have spurred increases in cross-border trade, investment, and migration so large that many observers believe the world has entered a qualitatively new phase in its economic development. Since 1950, for example, the volume of world trade has increased by 20 times, and from just 1997 to 1999 flows of foreign investment nearly doubled, from $468 billion to $827 billion. Distinguishing this current wave of globalization from earlier ones, author Thomas Friedman has said that today globalization is farther, faster, cheaper, and deeper. But policy and technological developments of the past few decades have spurred increases in cross-border trade, investment, and migration so large that many observers believe the world has entered a qualitatively new phase in its economic development. Since 1950, for example, the volume of world trade has increased by 20 times, and from just 1997 to 1999 flows of foreign investment nearly doubled, from $468 billion to $827 billion. Distinguishing this current wave of globalization from earlier ones, author Thomas Friedman has said that today globalization is farther, faster, cheaper, and deeper.

This current wave of globalization has been driven by policies that have opened

economies domestically and internationally. In the years since the Second World War, and especially during the past two decades, many governments have adopted free-market economic systems, vastly increasing their own productive potential and creating myriad new opportunities for international trade and investment. Governments also have negotiated dramatic reductions in barriers to commerce and have established international agreements to promote trade in goods, services, and investment. Taking advantage of new opportunities in foreign markets, corporations have built foreign factories and established production and marketing arrangements with foreign partners. A defining feature of globalization, therefore, is an international industrial and financial business structure. Technology has been the other principal driver of globalization. Advances in information technology, in particular, have dramatically transformed economic life. Information technologies have given all sorts of individual economic actorsconsumers, investors, businessesvaluable new tools for identifying and pursuing economic opportunities, including faster and more informed analyses of economic trends around the world, easy transfers of assets, and collaboration with far-flung partners. Globalization is deeply controversial, however. Proponents of globalization argue that it allows poor countries and their citizens to develop economically and raise their standards of living, while opponents of globalization claim that the creation of an unfettered international free market has benefited multinational corporations in the Western world at the expense of local enterprises, local cultures, and common people. Resistance to globalization has therefore taken shape both at a popular and at a governmental level as people and governments try to manage the flow of capital, labor, goods, and ideas that constitute the current wave of globalization.

ROLE OF TECHNOLOGY

Introduction Advances in technology are one of the main reasons that globalisation has escalated in the past decade. In information and communication technology, innovations have become smaller in size, more efficient and often more affordable. In transport technology, vehicles have tended to become larger and faster, as well as becoming more environmentally friendly and cheaper to run. Whether for personal use or for business, technology has made the world seem a smaller place and assisted in the rise of globalisation. o Information and communication technology o Developments in information and communication technology have changed our way of life, whether it is at home, at work, at school or at leisure. The internet and the development of digital technology (computer-based technology) in particular, have made the most significant impact in the field of information and communication technology in the past decade. Information technology The internet is essentially a network of computers across the world which is linked through global telecommunications. Although it was originally only used by defence personnel in the United States, easy access to computers and related technology have made using the internet a common activity in more recent times. The World Wide Web (www) is a collection of interconnected documents which are accessible using the internet. It enables people from almost anywhere in the world to access information on almost any topic from shopping to weather forecasts; and from research to downloading music and movies. In addition to the internet, global media networks (corporations which include television and media companies with branches in multiple countries) also bring news and information about current events to people all over the globe. It is now possible for someone in Australia to pick up a copy of an American fashion magazine, or for someone in the United States to watch the Mandarin news.

Communication technology

The last decade has seen dramatic developments in telecommunication technology. Communication has moved on since the days of 'snail mail' where it would take several weeks for mail to arrive from overseas. The internet has had an important role in connecting people. It allows people in countries around the world to instantly contact each another through email, chat programs and video calls. This instant communication has revolutionised business and social lives. In addition to the internet, mobile phones, voice mail, and text messaging allow instant contact across states and countries. In 2003, 31 percent of 10- to 14-year-olds owned a mobile phone and almost half of Australia's 10- to 14-year-olds sent text messages every day. Satellites have outgrown their original use in government activities and research and are now used by people in a variety of ways. Global Positioning Systems (GPS) use the information provided by satellites to provide accurate information on locations on the land, in the sea and in the air. Satellites are also used to provide information on weather patterns around the world; tracking hurricanes or tropical cyclones. This information helps meteorologists make better predictions about the weather and also warn the public of any dangerous weather systems. Transport technology Developments in transport technology have played a major role in globalisation. Over 100 years ago, the Industrial Revolution changed the nature of transport with the invention of the steam engine and the combustion engine. Since then, technological development in the transportation industry has affected transformation in road, rail, sea and air travel. Transport for personal use has improved dramatically. Cars are now built to be faster, safer, more fuel efficient and therefore cheaper to run, as well as being more environmentally friendly and costing less to purchase. Airline transport has also enabled the expansion of tourism and trade across continents. Although passenger planes only began to move groups of people around half a century ago, they have dramatically improved within that time. Airline travel has not only become more affordable in the last 20 years but it has also become faster. In the mid-1930s, eleven people could fit into an aircraft on a flight from London to

Bangkok which took eight days. In 2002, almost 400 passengers could take the same journey in just ten hours. Transport has also changed the way we do business. Super tankers have increased the scale of trade between countries, as these massive container ships are able to carry larger quantities of goods, including oil and grain. As a result, trade has become increasingly international. Innovations in transport often involve the use of information and communication technology. Larger aircraft and container ships use satellite navigation systems, GPS and computers to function. Attempts are also being made to make transport more affordable and also more environmentally friendly by utilising things such as solar power, electricity and ethanol fuel.

Effects of Technological Developments on Globalization Process: Technological developments are conceived as the main facilitator and driving force of most of the globalization processes. Before elaborating on the consequences of several technological developments, we must go through the definition of technology as a sociological term, so that we can further explore the social and political role of technology in the globalization process. Technology can be defined as the socialized knowledge of producing goods and services. We can describe the term technology with five important elements: production, knowledge, instruments, possession and change. Our definition of technology as a socialized knowledge can be better conceived with these elements. Now we shall briefly look through them: It has something to do with production (of goods and services). We need technology to produce something either goods (ex: clothes, television set, cars etc.) or service (ex: banking, security, teaching etc.) Technology improves our capacity to produce. Technology has something to do with knowledge. Technology is a result of intellectual activities. Therefore technology is type of intellectual property. Today technology is developed through research and development institutions as integral parts of the universities. Technology has something to do with instruments. The instruments are the extensions of

the human body, whenever an instrument is used there is technology involved. The instruments indicate the usage of technology by human beings. Instruments are mostly physical such as computers, vacuum cleaners or pencils, but sometimes there are immaterial instruments too, such as databases or algorithms in computer programming. Technology has something to do with possession. Those people who possess technology also control it. Controlling technology has usually something to do with economics and politics. Therefore we can speak of technologically rich and poor countries and the struggle among them usually in the forms of patents, transfers and protection of intellectual rights. Technology has something to do with change. With technology, the world has changed drastically. Most of the innovations from the technological advances have very important effects on the lives of peoples of the world, which has witnessed radical changes especially after 1960s revolutions on the microelectronics technologies. Even there are some people who argue that the history is made by technology as a result of their highly criticized techno-determinist view. All these aspects of technology justify our definition of technology as the socialized knowledge of producing goods and services, and this definition makes a clear differentiation between the terms technology and technique (technics). Therefore if we speak about the effects of technology on globalization, instead of techniques or technical developments we refer to technology as a social and political term. One may argue that the commercial activities on the Mediterranean in the Ancient times were to be labeled as globalization. The invention of the script can be considered as the first technology of communication that contributed to globalization. With the script man could transmit and store information that could speed up further technological developments. Transportation and communication in these ages were in parallel to each other and there were couriers, people who specifically carried and delivered mail and other written materials by running or riding horse. However this limited amount of information transmitted, received and stored was not sufficient for a large-scale state. Later, due to further developments in transportation and communication it was possible to control larger areas; and the emergence of larger empires such as Byzantine Empire had provided greater globalizations. Invention of the print machine with moving letters by Gutenberg was the most important revolutionary technological development, which made possible even a larger global geography. The emergence of the newspapers marked an important era of globalization when the news both commercial and political became an indispensable element for the decision

makers. Another milestone in the history of globalization is the invention of telegraph by Samuel Morse. Telegraph made it possible to communicate with the places where you dont have to go and separated the practices of communication from those of transportation. This aspect of telegraph soon drew the attention of military ranks and telegraph became both a civilian and military communication technology. However because the poles and the copper wires needed for a telegraph and telephone system it was not possible to set up a properly functioning network in insecure and instable geographies. Cyrus Fields attempts to lay a transatlantic cable for telegraphy succeeded in 1858 and this marked the beginning of a global network. Telephone of Graham Bell in 1861 also contributed to communication networks. Railways also networked to reach to larger distances. Invention of radio as a wireless communication technology solved this problem and opened a new era of globalization. With radio it became possible to communicate with places where you cannot go and even with places where no one can travel. Hertz, Maxwell, Marconi, Tesla and several other people contributed to the invention of radio, which soon became a military communication tool especially for the navy. Radio of 1920s however, turned to be a commercial communication technology; and is used as a mass communication technology. Transportation technologies also improved with the start of the 20th Century when transatlantic ships became safer and faster and airplanes were produced. First propeller driven passenger plane began service in 1919 between London and Paris. Jet plane and television of 1950s were also important steps toward greater globalizations. The first reliable transatlantic telephone cable TAT-1 was laid in 1956. 1957 marked the most important step in the history of globalization when USSR launched its Sputnik as the first man-made satellite. Satellites made it possible to built a fully reliable global network, compensating the radio networks ionosphere fading problem. However global networks still required stronger global networks with solid connections. The first transatlantic fiber cable TAT-8 was laid in 1988 for faster and reliable networks.

ROLE OF MEDIA

Introduction Increased prominence of economic, cultural and technological integration between countries has no doubt had an impact on our (societys) personal lives. Significantly, globalization has also led to increased access to a broad range of media entertainment, increased interest in world news and larger access to communication technologies. By the world becoming more and more incorporated, it is developing faster and faster especially in relation to the production, and distribution of media. It has been claimed by critics that the United States is far too powerful and that it exercises cultural imperialism over smaller nations by overwhelming them with movies and television programs produced in the United States (McChesney, 2005). Nowadays, a lot of media groups are owned by non-US companies but influence works both ways. Whilst non-US media groups have opportunity to influence a huge range of audiences, they themselves are subject to other countrys media, and have perhaps been affected by the increased exposure to these. Take, for example, the popularity of many of Americas sitcoms; Friends, and Fraiser are now a regular part of UK television. On the other hand, American audiences have been subject to other material that they previously had not seen; for example, Pokemon, the children phenomenon from Japan and even Bollywood film. The argument here is that, due to globalization, the audiences within countries have changed; migration, increased access to traveling, has caused each country to have to cater for a variety of cultures. The diversity within media in developed countries is now so great, and is still evolving as more and more people settle in countries foreign to their culture. Entertainment within media has also been swayed by globalization as audiences have gained access to a large range of content; television, cinema and print in particular. Most significant is westernization; the effect western culture has had on eastern media; not only with what audiences see, but what it is composed of. This theory works both ways, as acculturation multiple societies continuously interacting, and being influenced by one another. Recent creations of American media such as Transformers and G.I. Joe have undoubtedly been influenced by the popular anime/manga culture from eastern society. These examples were created due to the interest placed in them; as globalization led to an increased range of media, audiences preferences have began to evolve, and fondness of new material has arisen. Howls Moving Castle, an extremely popular Japanese animated fantasy film is an example of this new interest. Although a fantasy creation, this film is majorly based on Japanese background and

traditions. Less than a year after release, Walt Disney Pictures took an interest in the film and published it dubbed English in North America. The popularity of the film here demonstrates the audience taking an interest in foreign media and values. This is further exhibited in the reputation it gained when it was released nationwide; European, Canadian and Australian audiences were all intrigued by the unfamiliar concepts, and it became very popular. By having new media incorporated into another society, it does not change the audience as to convert them, rather giving them access to new content. It is possible to apply the uses and gratifications theory on audiences here; although they cannot late to the text as such, they are using it as a means of entertainment; to escape from the everyday problems and routine. The new media also gives audiences access to a type of cultural transmission; no doubt, a key to learning about other societies without ever leaving home. This is also relative to how technology has changed audiences, as well as this mass unification of the worlds media. Access to media from across the world undoubtedly has made audiences more aware and is likely to have caused audiences behavior to have changed. For example, have audiences from England become more violent as a result of seeing so much violence (mainly including guns) from American media? It is interesting to consider this whilst looking at the such concepts as the media effects model, as well as David Gauntletts argument against it. It is very possible that the violence portrayed and increased rates of crime and violence, are directly relational; that the media is having such a dramatic effect as to cause audiences to go out and change to partake in violent acts. Alternatively, as Gauntlett suggests, the media could simply be being used as a boycott for increased violence here, whereas the actual reason is the people or other factors. Increased coverage of violence is either considered irrelevant, or a coincidence. Gauntletts study on the relation between young offenders and television demonstrated that they did not in fact relate to any of the fictional characters they see at all, and struggled to remember them, never mind be influenced by them; strongly agreeing with the concept that television does not correlate to behavior. However, it is always possible that alreadyviolent members of society can use this media, as part of the uses and gratifications theory, and then go on live the life seen there. There are many angles at which the question could be approached, but as it is a psychology matter, there is no way to be completely certain on exactly what effect this media has had.

Other examples of media like this are

Wider integration of new technologies within media (due to globalization) have also increased the ability for people to communicate amongst each other; not long ago it was rare to speak to a foreigner without travel, whereas nowadays anyone can sign up to a forum or message board and be conversing with people from a number of cultures in minutes. Globalization has brought us a generally improved lifestyle; countries drawing on each others skills and material to develop not only media technology, but technology that we now take for granted. Medias access to such technologies have allowed it to evolve onto different formats, and to convey messages to audiences in a number of different ways. Aside from technology, globalization has also led to a change in audiences. Audiences are now able to view material from all over the world, having access to many different cultures and concepts viewers needs can be satisfied now by foreign media, and easily. It is also possible that changes in modern media (due to globalization) have altered the behavior of society for example, violence if not in our culture then in. Conclusion This review widens our understanding of the globalization of media in terms of media organizations. It signifies the circle of ownership, media markets, advertisers and, leadership in the culture sphere because core countries dominate the culture of the periphery. Finally we consider some policy implications of these developments. While the claim that the nation-state has been rendered increasingly irrelevant by media globalization is strongly questioned, it is at the same time noted that media globalization presents significant challenges for media and cultural policy as it has been traditionally understood, which point in the direction of creative industries development strategies and a role for the state that is increasingly enabling of industry development rather than protective of national identities. It considers the rise of cultural policy at the sub-national level of cities and regions, as well as the supra-national level of international trade agreements and global civil society, concluding with a discussion of the UN-sponsored World Summits on the Information Society (WSIS) in Geneva in 2003 and Tunis in 2005. Given the dominance of a First world countries and the extent to which global media culture represents a particular mix of cultural and social values that are associated with the Unites Sates and Western Europe, a truly global media culture that mingles cultural traditions and social values from many different countries has yet to develop.