Jan 25, 2018 in Economics

The Emerging Global Economy

The advent of technology, the emergence of new global economy, and the growing world population have impacted on the different spheres of human life and revolutionized the way people live. That is, they have dramatically changed the mode with which people communicate, manage their information, as well as how they engage in their daily activities. This paper discusses the effects of the technology, new global economy, and the growing domestic diversity on individual’s life.

As pointed out by Bradbury (46), technologies such as internet and e-mail systems have simplified communication by eliminating space and time constraints which have since made it more efficient and less costly. Personally, I have taken advantage of social media platforms such as Google Chat, Facebook, and Skype to share pertinent educational information. Additionally, the radical growth of the Information Technology sector has created investment opportunities. For instance, managers of a Mexican Plant can easily use the information technology in accessing the same database in Louisville, as does by the domestic manager in a California Plant. It is with such efficiency that technology has enabled me to develop positive attitude towards learning and increasing my skills.

Equally, the world global economy has changed significantly for the last two decades determining not only how we live, but also the kind of activities we engage in. Experts such as Garcia (1) have noted its impacts as including; generating new jobs, making some jobs obsolete, causing growth in the use of resources. The latter impact has created tension among policy makers, implementers, and environmentalists. It has thus, in various ways, impacted both positively and negatively on my life.

On the other hand, the growing domestic diversity has impacted negatively on gross domestic products (GDP) per person. According to Garcia (2), the increase in population has resulted into less income earning. Additionally, the growing domestic diversity has resulted into the expansion of culture and ethnic heritage thereby creating colonies of social ethics in our society.

In conclusion, all the three factors have both positively and negatively impacted on our lives

They have, for example, changed our thinking and acting capacity from local to global perspective. Therefore, irrespective of their contributions, it is pertinent to assess their limitations in order to outweigh their disadvantages.


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