Ever since the advent of the global internet, the face of the earth has shifted from ground to virtual reality. The interconnected network of networks has changed the way people look at the world or perceive the daily reciprocity of the globe.
Knowledge-based technology is a result of the recognition of technology and knowledge in economics. The influx of human capital and investments have been crucial to the economic development of nations. By 2010, some countries had estimated as much as 473.4 US $ on Research and Development spending which accounts to almost 2.75 % of their GDP.
Post the end of the Cold War, the world has seen a tremendous rate of growth in terms of economy, welfare, state-nation integration and global connectivity. Some may argue that there has always been growth in economies, but the emphasis here is the speed at which the evolution of the past two and a half decades have altered the way people, societies, cultures and nations interact with one another.
The history of Information technology dates back between 1930-1940 with the invention of the calculator or the magnetic strips. Entered the internet and soon followed floppy disks, CDs, Tapes, Video recording and the rest is everyday unravelling history.
The globalised world, where supremacy has been replaced by multinationalism and anonymity with identity, the time-space compression has been validated the time and again.
The concept, which was originally articulated by David Harvey, advocates the phenomena that refer to the qualities of the relationship between time and space.
The time-space lens can be used to understand the evolution of the 21st-century economies.
The inculcation of Information technology in the affairs of economic welfare has changed the way societies work and deal with statecraft.
The basic idea of the fast-paced changes in the even faster pace of life has been more often than not, aimed at providing better connectivity or broader access for the audiences. And that has so far been achieved.
Today, we live in a socially-online world where the tiniest incident in the remote corners of the nation can send shockwaves through the entire world. The fact that every individual now has access to technology, irrespective of caste or class, is proof of the fusion of mind and matter of the culture and economy.
For instance, the Anti-retroviral treatment for Aids or the biofuels are products of the integration of technology and pluralism. The IT sector advancements have not only been limited to the areas of health and agriculture but have extended into the local, regional and national sectors like education, state-politics, policy making, people safety, entrepreneurship and alliance between nation states.
Even everyday use of technology which inter-alia, includes words symbolic of people’s daily regimes like GPS, GPRS, Facebook, Twitter, Ola, Uber are all technology dependent. It has changed the way governments interact with each other. No more will it take days to travel from one country to the other. The increasing availability of news and material has sensitized people of the regimes and practises in the rest of the world. Even the Indian Prime Minister launched an app to incorporate public opinions in his 70th Independence speech.
The New International Economic Order (NIEO) and the Organization for Economic Co-operation and Development (OECD) have altered the way nations do trade with each other. With new trade agreements and alliances being fostered every day, the economies of the world have integrated with each other with technology playing the role of a catalyst.