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IT and globalization - IT and globalization The effects of...

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IT and globalization   The effects of information technology have been to speed up the processes of  globalization in the world economy. After the Second World War, the costs of  research and development very quickly led to the development of multinational  corporations, and with the decreasing cost of transmitting information these have  been able to organize their research and production on a global rather than a  national or even a regional basis. Three interdependent core areas of the world  economy have emerged – North America, Europe and East Asia. The rise of  information technology is also linked to the development of a global currency  market, based in the three world cities of London, New York and Tokyo, and the rise  of financial services industries which are also based there as well. (This is the  theme of Sassen’s book mentioned earlier.)   Deregulation of the currency markets mean that capital can be transferred  anywhere in the world electronically, and there is a vast subsidiary industry of  people making money through betting on future currency movements. The result 
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