The new phase of globalization is digitalization. Indeed digitalization has helped to change globalization into a new age in which it will offer numerous opportunities. Over the centuries, globalization was based on trading goods; however, with the innovation in technology, trading goods are still heaping in a different way. For example, E-books, applications, music, online games, and video streaming services all considered to be part of global trading. Digitalization has changed globalization to enter the new phase of virtual trading goods. Nowadays, with the new coronavirus, which impacts hugely on the worldwide economy, yet both companies and governments use the technology to survive from this crisis. Online treading is still growing even under this situation. Take, for instance, the New York Stock Exchange began to prepare itself to make the trading all-electronic for the first time (CNBC,2020). With that said, I think digitalization will be the mane strategy for both companies and governments in the future. This situation showed a positive side of digitalization. In fact, it will increase the catalysts for innovation in the future into globalization. Due to the inconvenient situation, I would say that the future of globalization will be based on digitalization. Over time technology shown that the advantages overcome the disadvantages.

 

https://www.cnbc.com/2020/03/22/nyse-set-to-temporarily-transition-to-all-electronic-trading.html

E-mail me when people leave their comments –

You need to be a member of UNH Economics Collective to add comments!

Join UNH Economics Collective