Technology

The Effects of Technology on Trade

According to the claims of Croucher (2004), technology has substantially increased access to elementary education and information to a wider majority of the populace. Consequently, this has enabled individuals and communities to be more productive and capable of making rational use of the basic goods and services available in the market (Acemoglu, 2009). Moreover, it is argued that development in technology has facilitated the poor to gain access to, and creatively use knowledge and innovation in satisfying their basic needs (Babb, 2009). Likewise, Glyn (2006) has demonstrated that the advent in technology has made science-intensive industries to call for the support of an up to date infrastructure system.In line with the above argument, published research work has illustrated that communications technologies have been lauded for opening a plethora of market segments for goods and services (Harold et al, 2008). The use of electricity based communications services cannot be underrated for its enormous impact on international trade. Sending and receiving information covering thousands of miles has never been as easy and efficient as argued out by Harold et al (2008). Additionally, researchers have indicated that communications technologies have opened up wider possibilities of instant access to previously inaccessible information (Smith, 2007). However, studies claim that this has not been considered as a blessing in some quarters of leadership where certain information is considered classified, particularly to the members of the public (Smith, 2007). Ostensibly, this variance between availability and accessibility of information has not lacked in producing deleterious results in regards to international trade.A good number of research findings have indicated that the introduction of any new technology in international trade is bound to result in some legal consequences like the erection of non-tariff trade barriers (Boone and Kurtz, 1992).

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