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Globalization & Payments

The term globalization has become common since the previous few decades (Modelski, 1972). The phenomenon pf globalization primarily refers to the reduction in time and space between individuals due to the high speed transportation systems including airways and railways and forms of satellite communication including the telegraph, computer, internet and telephone which have increased the interaction between humans for business and other purposes, irrespective of the geographical and political barriers between them (Harvey, 1989). Causes The most primary cause of globalization is the rapid development and use of technology all over the world.

This has resulted in a rapid decrease of costs of all important business activities such as transportation, traveling and most importantly communication (Williamson, 1998). Communication has never been as rapid and efficient as it is in the current modern world. The invention of cell phones has dramatically improved communication which is now much cheaper than it used to be a few years ago. As technology has progressed, computers have become the means of rapid written communication. The introduction of faxes, internet and the e-mail delivery system on the World Wide Web has changed the lives of millions of individuals.

Technology has created new opportunities through outsourcing where there are no geographical barriers to business activities. Today, a person living in the United States of America can outsource work to a person in India or China. This was unheard of even a decade ago. Payments are being made through wire transfers and Web services like Paypal. Receiving and sending money has never been as easy as in the current scenario. Satellite television has changes the fact of the media industry. It is easy to know and find out what is happening in different parts of the world, through the click of a button or through the television channels.

The integration of communication with education and business is one of the most important causes of globalization. Gaining education and degrees from countries far away was inconceivable a few years ago but has become a common phenomenon in the modern world. Incidentally, this is an important factor in nurturing the growth of multinational corporations which can now conduct business in new territories without the barriers of time and space. This type of international trade has also spurred the opportunities of multinational organizations that are now able to gain new clients from the most remote parts of the world (Williamson, 1998).

With its numerous benefits, globalization is tremendously beneficial to businesses and countries and has increased the prospects of better life for humans and has become extremely essential for the growth and development of nations. References Harvey, David (1989), The Condition of Postmodernity (Oxford: Blackwell). Modelski, George (1972), Principles of World Politics (New York: Free Press, 1972). Williamson John (1988). Globalization: The Concept, Causes, and Consequences. Keynote address to the Congress of the Sri Lankan Association for the Advancement of Science, Colombo, Sri Lanka. Peterson Institute for International Economics

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