Which of the following is a major factor that has facilitated globalisation?

The correct answer is Rapid improvements in technology.

Key Points

• Technological advancements have significantly lowered transportation and communication costs, making global trade more efficient and accessible.
• The internet and digital technologies have facilitated instant communication and data exchange across the globe, enhancing international business operations.
• Improvements in shipping and logistics technology have reduced the time and cost of moving goods across borders, boosting international trade.
• Advances in information technology have enabled companies to manage global supply chains more effectively, coordinating production and distribution worldwide.
• Technological innovation has also led to the development of new products and services, opening up new markets and driving economic globalization.

Additional Information

• Global Supply Chains: Technological advancements have enabled the development of complex global supply chains, where production processes are distributed across multiple countries to optimize costs and efficiency.
• Telecommunications: The evolution of telecommunications, including mobile networks and internet connectivity, has facilitated real-time communication and collaboration between businesses and individuals worldwide.
• E-commerce: The rise of e-commerce platforms has allowed businesses to reach international customers directly, bypassing traditional physical retail channels and expanding their global presence.
• Automation and Robotics: Technological innovations in automation and robotics have increased productivity and efficiency in manufacturing, enabling companies to compete globally by reducing production costs.
• Financial Technologies: Developments in financial technologies (FinTech) have streamlined international payments and transactions, making it easier for businesses to operate across borders.