Technological revolutions in transport and communications over the last three centuries, have integrated the world economy. The advances of technology in transport and communication have also brought peoples of the world nearer. The revolution of technology that has taken place in transport, communication and information is of qualitative difference during the last ten years from that of previous generation of technology. It is not only integrating but also bringing into existence a common culture, of national consumer. Consumer preference can be global and regional.
Technological revolution has been rapidly transforming all productive systems and facilitating the process of globalisation. Technology has become one of the most important elements of the competitiveness. In modern production activities, competitiveness entails new, more rapid product innovation, flexible response, greater networking and closely integrated production systems across firms and regions. The leaders of technological change are evolving new strategies in response.
Apart from investing heavily in innovation they are moving their technological assets around the world to match them to immobile factors, entering new alliances and reorganising production relations. This has further facilitated the process of globalisation.
