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Economics professor re-examining technological advancements

Author: UNB Newsroom

Posted on Apr 4, 2019

Category: UNB Fredericton

A UNB economics professor has made it his mission to re-examine the concept of globalization by considering the evolution of recent technological advancements and how they relate to modern day business practices.

Gone are the times that individuals need to leave their homes to buy even the most basic of goods and services. With a click of a button, people can get groceries delivered, prescriptions refilled and even get their taxes filed. The new economy, which is known for its innovation and creativity, has not only surpassed geographical boundaries, but has also changed how we think about economics.

The term economics, which originally referred to the management of the household, has definitely come a long way. Globalization, the pillar of economic theory throughout the 21st century, has also evolved. Dr. Constantine Passaris created a new term in response to this shift.

Globalization refers to reduced barriers in order to facilitate world-wide trade processes. With the advancement of the internet, globalization has allowed for improved electronic connectivity among global centers. Dr. Passaris coined the term internetization, to replace globalization, in order to more accurately reflect more recent economic trends.

“Internetization is globalization on steroids,” said Dr. Passaris. “It is empowered by electronic connectivity and global outreach. In effect, internetization has removed the barriers of time and geography.”

Internetization recognizes that national economies have been revolutionized by the rise of information technology. Dr. Passaris believes it is a better term to use, rather than globalization, because of how important the role of information and communications technologies have become to the new economy.

Media contact: Angie Deveau

Photo credit: Emma MacDonald