Conventional wisdom says that globalization has stalled. But although the global goods trade has flattened and cross-border capital flows have declined sharply since 2008, globalization is not heading into reverse. Rather, it is entering a new phase defined by soaring flows of data and information, and the ease of data transfer, literally unhindered by Earth’s spherical geography, has reshaped how we perceived trade and globalization.
This begs the question: has digital globalization made the world flat?
In a recently published article entitled, “Does Digital Globalization Really Make the World Flat?”, author and expert, Ajitabh Das, writes:
“When the term globalization comes into mind, it flashes with a big ship leaving the harbor for another distant country to deliver the loaded goods. That’s because mind relates globalization primarily with international trade,” adding, “But the horizon of globalization has gone far beyond the realm of international trade. In the last 50-60 years, globalization has become a process of constant flow of goods, services, finance, and people. In the last 10-15 years, the rapid transfer of data and information via modern communication technology has been added to that list.”
The world is more connected than ever, but the nature of its connections has changed in a fundamental way. The amount of cross-border bandwidth that is used has grown 45 times larger since 2005. It is projected to increase by an additional nine times over the next five years as flows of information, searches, communication, video, transactions, and intracompany traffic continue to surge.
“Digitalization has added a new chapter in the life of globalization. We should celebrate it and adapt ourselves to this momentous change, because through digitalization we can make globalization more inclusive and thus more acceptable,” Das writes.
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