The turn of the 20th – 21st centuries are marked by world economic globalization. The impact of this ongoing process on the global economy is uneven as it is constantly changing due to the spread of information technology and the continuous introduction of innovations on a global scale. The present stage of globalization development is based on the computerization of almost all spheres of human activities. It allows talking about the phenomenon of the so-called ‘new’ economy. One can rightly say that the Internet is the most vivid manifestation of the new information technology, which has become a symbol of the new world, new political and economic decision making, and a symbol of modern mankind. The world economic globalization, as well as the positive and negative aspects related to this phenomenon, are probably the most popular and controversial in contemporary humanitarian science. So my post focuses on the essential points of the relationship between economy and technology and states that technological progress is the main and most prominent mechanism in the process of economic evolvement. Technology refers to complex scientific and engineering knowledge realized in methods of work, a set of physical, technical, energy, and labor factors of production, as well as methods of their connections aimed at creating a product or service to meet specific requirements. Various technological outcomes improve the economy and stimulate growth and rates. The first factor is the Internet. From the technical point of view, the Internet is a union of transnational computer networks operating on a variety of protocols, connecting various types of computers, and physically transmitting data over telephone wires and fiber optic, satellite, and wireless modems. In the modern world, there is a rapidly growing demand for wireless connections, especially in the business sector. Users with wireless access to information can work much more efficiently than their counterparts that are linked to wired telephone and computer networks. A variety of industries and market participants are interested in the use of wireless networks. Numerous business models are based on Internet access, and thus help businessmen earn their funds by clicking the necessary buttons. Many renowned casinos and currency stocks work in such way. Second, informational technologies are represented by e-mail. It is a network based on the use of computers, which allows receiving, store, and send messages in the network. This way, there is only one-way communication. In order to ensure two-way communication, one will have to repeatedly send and receive email messages or use other means of communication. E-mail can provide a user with various options depending on the software used. Conducting such mail correspondence is an important aspect of economic life. This tool helps deliver the necessary information in the fastest way. The third is computer conferencing and teleconferencing. The former uses computer networks for exchanging information between members of the group and to solve certain problems. The number of participants in a computer conference can be many times greater than in cases of audio and video conferencing. Such technological tool helps save up money for flights and traveling to conduct negotiations. Besides, it helps successfully implement new technologies to show the level of one’s business. The fourth is faxing. This connection is based on the use of a fax machine, which is capable of reading a paper at one end of the communication channel and reproducing the image at the other end. Next is interactive digital television. The multi-purpose mass interactivity is attractive both for users or broadcasters and telecom operators. The social demand for a number of new services is satisfied, including distance education, telemedicine, participation in mass tele-referendums and game shows, remote ordering and shopping, etc. Thus, information technology has only served the economy until recent times. Apparently, the development of Internet technology allows the computer world to come to the forefront. Besides, it serves the global economy and recreates it at the same time. There are many benefits to using information technology. Most importantly, it is the efficiency of information, especially in international operations, which significantly increases. Besides, the production and sales cycle significantly reduce because it is no longer necessary to input the received documents each time, thus decreasing the likelihood of input errors. Moreover, the costs associated with the exchange of information through the use of lower-cost means of communication significantly reduce. In addition, the use of Internet e-commerce technology allows companies to become more open to customers. Furthermore, it has become possible to inform the partners and clients about products and services easily and quickly as well as create alternative sales channels. Since the mid-1990s, there has been increased activity in the field of online trading around the world. Following the major companies that produced computer hardware, traditional traders started to get involved in the Internet. A large number of bookstores, shops, CD and video cassettes/disks, and wine shops appeared since then. As a result, nowadays, almost any product can be purchased via the Web. The usage of global communications in real life and commercial activity resulted in the emergence of new economic and legal categories, such as the online economy and electronic commerce. As the e-commerce market is developing and being promoted, it has an increasing impact on individual sectors of the economy and the overall macroeconomic environment. Almost half of the large international companies are actively working on the e-business market today, and the price of their shares is not of paramount importance since investors are more interested in new business models on the Internet and the ability to use the Internet in order to enter new markets. The development of Internet technology raises the situation to a qualitatively new level. For example, the development of e-commerce allows one to almost completely eliminate distribution infrastructure. Thus, it changes not only the organizational structure of the company but the whole direction of its economic activity. Information technology has become an essential condition for the development of world infrastructure. The global capital market is forming and the global financial network is becoming the economic center of the information society. Capital loses its national identity, becoming more mobile and faster when moving in the international economic environment. Internet banking is becoming one of the most promising forms of banking. Its main advantage is the low cost and the speed of service. Internet banking is eight to ten times cheaper as compared to conventional service. It has made the majority of banks to join the network, and therefore some of them decided to start network customer service. Electronic payment systems are becoming more common. They can be divided into credit, debit, and systems working with digital cash. Information technologies have an impact on the labor market, structurally changing the composition of the labor force, which is presented to the increased demand. According to prognosis, by 2017, nearly half of the US workforce will be employed in industries manufacturing or intensively using information technology. Moreover, there are such relatively new professional activities as computer design, which are required by the implementation of e-commerce. The number of jobs associated with the organization and maintenance of websites on the Internet is growing in the United States by more than 30% per year. The demand for professional intermediaries in the traditional sense is reducing, but the demand for intermediaries whose main task is to help the customer navigate the huge flow of information and find the necessary goods at the lowest cost is growing. There is an upward trend in labor market interdependence on a global scale. Information technologies connect different segments of the labor market on a global scale primarily through employment in multinational companies. Accordingly, information processes make it necessary to develop new methods of labor market regulation. People who would work on a flexible schedule and new labor institutions that would allow decentralized and individualized work is wanted. Globalization causes a variety of changes in the world economy and politics through an unprecedented development of information technology. Nonetheless, it creates as many problems as it solves. The problem is that only developed countries that are already incomparably richer than all the others put together benefit from globalization. Paradoxically, the IT revolution is making economic policies more and more confused and uncertain. Already in the early stages of the IT revolution, assessment of its economic benefits, and the impact on growth opportunities has become challenging. Traditional measurements of the state of the financial market lost their significance, which complicates the risk assessment and decision making of the payback period. Moreover, the degree of difference in the development of new technologies can lead to strong capital flows and a further increase in the economic gap between countries, which may thus create even greater difficulties to maintain stable and balanced macroeconomic conditions. IT can greatly complicate the life of central banks. In the long run, the IT revolution can affect the monetary aggregates and their role in the conduct of monetary policy as well as the stability of financial systems. For example, financial transactions and digital money are becoming important elements of national economies. Furthermore, the development of information technology generates information terrorism. Methods of information terrorism are large-scale violations of work of financial and communication networks and systems, partial destruction of the economic infrastructure, and the imposition of their will on the power structures. Thus, global information systems and networks, including the Internet, are important factors in accelerating global progress, the technological basis for international information exchange. Moreover, they bear an enormous economic burden, which exponentially increases. The main direction of development in the 21st century is the new information technologies that have a decisive impact on the processes occurring in the social structure of society, economy, and public administration. In conjunction with market forces, existing infrastructure, and management strategy, they have created a number of ‘informational developments,’ such as globalization of information processes, the pursuit of their interaction, mutual convergence of technologies, and multimedia information. If the technology affects the economy, it, in turn, influences the society. In such a case, there is a wide range of social and ethical issues to be solved. On the one hand, the technology in its close relationship with the economy touches upon the ethical problem of data security and personal information processing. From the ethical point of view, no data, especially personal, is to be revealed. Otherwise, it will cause law violation and, as a consequence, the break of social order. On the other hand, the technological growth may harm the economy. Currently, being aware of all the spying tools, it is possible to ruin numerous agreements and successful negotiations with a click of a mouse. It means that high-level economies should possess a firm safety guarantee tool to protect confidential data and create comfortable conditions for business functioning. These trends lead to the expansion of international cooperation in the development of telecommunications. Accordingly, the global telecommunication business is also converting. The application of information technology makes the world more transparent and blurs the boundaries between states, so that economy can become global. Information and communication technologies are important factors in shaping modern society. Information technologies are rapidly becoming a vital stimulus for the world economy. They also provide opportunities for individuals, companies, and communities engaged in entrepreneurial activity to solve economic and social problems more effectively and creatively. Global information systems and networks, including the Internet, are important factors in accelerating global progress and the technological basis for international information exchange. In these circumstances, information resources are of great material value. Therefore, unauthorized access to these resources, if they are not adequately protected, may lead to disasters or, in the conditions of competition, corporations, firms, and entire countries may radically change the situation in favor of the received access. Thus, the world economy is the only complete system. Information technology can create the interpenetration of economies of various countries so that the world economy becomes global. More cognitive ideas are at

2 Votes Created
Jom Mendoza at May 26, 2020 at 11:17pm PDT

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