3 Ways Globalization and the Knowledge Economy are Changing the World

Prior to the explosion of the online world, globalization was a buzzword that defined the move towards a global marketplace. The internet has sped this up, and we are now in an age where there are arguably global societies and communities that exist online and, as such, are linked through information and knowledge.

Photo by Artem Beliaikin from Pexels

Knowledge is freely available online

The internet has democratized knowledge, and you can now access information and knowledge from anywhere in the world and in any language you want. Or translate English into other languages and vice versa; you can listen to podcasts from anywhere in the world if you have access to a professional translation service.

With the knowledge economy growing and intangible assets becoming more investable, there is little that we can’t find on the internet. Whether it’s the plethora of ‘how to’ videos online or finding the right design for a house, car, or any conceivable tool, you can find it on the internet. Whether it is finding food, something to drink, any number of apps that can do pretty much anything you need or want, it is available online and is usually free.

Connecting people and places

Globalization draws on the notion of the global village, bringing people together and building communities of ideas and positive spaces. Although these may result in physical communities, the power of the internet is that it starts building these global villages online. Being able to connect with family and friends who are located in many different places around the world at any time of the day or night has become the norm rather than something out of the ordinary. 

These global online connections are not only bringing ideas together on a personal level but have also resulted in connections amongst intellectuals, researchers, and academics who can then collaborate to build new knowledge and innovations. While these researchers may never come to be in the same room, they can use the power of globalization to develop new technology, medicines, or solutions to wicked problems. 

Monetizing knowledge

The availability of free information and knowledge online is only as powerful as the way that knowledge is also monetized online. This might be as simple as using your social media to make money through influence and numbers of followers. The rise of online influencers has shown the power of social media and social platforms to build a lucrative business from the knowledge and information you share. What globalization has done is make these processes of monetization global and expandable.

The internet has managed to globalize knowledge, social spaces, cultures, and even behavior. Modern society is so interconnected that the theory is emerging that the time is soon to arrive when the online communities and groups that have emerged will create their own cultures, and with these cultures will come increasingly specific forms of knowledge. In addition, being able to access such knowledge as news, podcasts, social media posts, and blogs provides a wider audience with a wider form of knowledge. 

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