Science

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Science encompasses the systematic study of the structure and behavior of the physical and natural world through observation and experiment, and technology is the application of scientific knowledge for practical purposes. Oxford Reference provides more than 210,000 concise definitions and in-depth, specialist encyclopedic entries on the wide range of subjects within these broad disciplines
Science, technology and innovation each represent a successively larger category of activities which are highly interdependent but distinct. Science contributes to technology in at least six ways:
a)      New knowledge which serves as a direct source of ideas for new technological possibilities;
b)       Source of tools and techniques for more efficient engineering design and a knowledge base for evaluation of feasibility of designs;
c)      Research instrumentation, laboratory techniques and analytical methods used in research that eventually find their way into design or industrial practices, often through intermediate disciplines
Technology is understood to be the driving force of globalization that began in the 18th century and has continued ever since to the 21st century, in-between three industrial revolutions have taken place. The 1st industrialization revolution was in the 18th century that took place in manufacturing industries. The 2nd industrialization revolution was in the services industries. The 3rd industrialization revolution of the 21st century which we are going through is known as information age as described by Adam Smith. This technological development has helped globalize the world economy through incrustation
Technological changes that have taken place since the industrialization revolution, relating from production, distribution and communication that has fuelled the globalization. It has brought about innovation and interaction between nations that weren’t possible before. That has led to some of the greatest invention that revolutionized trade, communication and interaction to a whole new level and increased globalization .
Science and technology influence industrialization through the following reasons
Transportation costs are falling with improved physical communication with the help of improved technological advances in telecommunication, computing, fibre optics and satellites. Which has resulted in the speeding up of information flow and the transportation of goods across nations more quickly and efficiently . This is being achieved through the technologies mentioned above, that is at the heart of the communication and transportation globalization, which is ongoing.
Technological development has helped increased globalization. Technological globalization is that China and India have benefited economically as technologies like airplane, container ships have allowed China to export its goods to Europe and US vice versa and allowed countries to exploit their comparative advantage in trade. Article named “The container that changed the world” published by Virginia Postrel in New York times re-enforces the point that” Low transport costs help make it economically sensible for a factory in China to produce Barbie dolls with Japanese hair,.
Information technology advancements. That has revolutionized how information is passed or its availability thus creating an economy based on knowledge. The Internet has been described as “a decentralized, global medium of communication comprising a global web of linked networks and computers.”As people across countries can trade and communicate instantaneously economically, for example e-mail has allowed instant communication through the World Wide Web, World Wide Web on the other has made “World One” as countries can now trade with each other, all made possible due to the cost effectiveness technological advance like the internet /world wide web. Where information is been exchanged at a global level instantaneously. As “Information is the new mantra that spells success in the modern world
Technology like the Internet has given rise to E-commerce; E-commerce that refers to business conducted through means of electronic communication networks like Internet. That has brought about new dynamics to the globalization of businesses. Where virtual business can be set up and trade worldwide without any barriers stopping them. For example business like Amazon, Borders and eBay that have sprung up because of Internet have transformed the way small business operate and have given opportunity to individuals to enter these global markets. As Internet help provides a cheaper faster way of communication between business and its consumers worldwide.
Another sector that has seen the biggest impact because of technological globalization of is the financial sector, where diffusion of information based technology has made possible people around the world to trade 24/7 trading has moved to electronic system from the physical system making money move more efficiently and on a faster level, thus allowing more participation of those people who are connected with the internet.
Technology has also impacted the cultural globalization with inventions like telephone and television. Telephone has made it feasible for anyone to talk to each other regardless of where they are geographically in the world, all made possible with the help of satellites and mobile phones that has made possible to make a call, receive e-mail, texts and even allow video call. It is due to technological advancements made in the field of communication, as seen no countries are now really apart. All made possible due to technological breakthrough in communication that have revolutionized business, commerce, and linked millions of people. TV on the other hand has connected parts of world, where they feel and see without having to leave the room.
Conclusion
The technological development made in areas like communication and the invention of telephone and Mobile phones all with the help of satellites has made help removed the time and distance that has excited before. Transportation on the other hand has allowed trade to take place more efficiently and cost effectively with the help of the containerships, Jet Airplane and electric trains. It has helped facilitated growth between nations, as countries are able to take advantage of their comparative advantages as large goods can be exported and imported between countries.The spread of information technology has made production networks cheaper and easier, all made possible because of digital networks like the Internet that is cost effective. This has been one of the fundamental economic globalization factors that have helped overcome the friction of distance and time.

REFERENCES
Adam smith (1959) “The Industrial Revolution (1760–1830)”. Oxford University Press.
.Wren, D. A., & Bedeian, A. G. 2009. The evolution of management thought. (6th ed.), New                                 York: Wile


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