Question

How have changes in technology contributed to the globalization of markets and production?

Would the globalization of production and markets have been possible without these technological changes?

Answer 1

With the advancement in technology, the productivity increases which reduce cost of production and gives business advantage in global market. This would result in achieving comparative advantage in production of a good when compared with other nation resulting in specialization.

Hence gaining specialization would not be possible without the influence of technology in production and marketing of goods.