The World Economic Crisis: Key Moment For Redefining The
Borders Of Financial Communication.
So as to meet the demanding audience, companies and financial institutions have expansively
reorganised the sphere and content of financial communication. The competition between
companies also has had to increase because capital is now global. Communication strategies
have been improved as a result of increased international financial crisis which led ultimately
to more market sensitivity1. If the borders are erased, financial crisis would be unheard of.
Some of the steps to be taken include universal acknowledgement of ICT(Information And
Communication Technologies): including internet use and fast access, removing high tariffs and
restrictions on migration. These might take time but in the long run help to get rid of the existing
borders.(Gulliver, Redefining Asia’s Role)
First of all, techno globalisation is a term coined from the use of common technological devices
around the globe. It has proven a key method in erasing borders outside nations of all continents.
This is due to daily improvements in internet use for financial social and political benefits. The
internet has posed as an open field for companies to show products, offer online and offline
services educate the mass on issues that affect the economic status of the nations and globe at
large.
The companies have also had a chance to research, innovate and develop ideas that greatly
contribute to the global economy. Made possible by one, interactions on social sites where even
citizens have been able to sell their ideas, question and get answered on projects involved,
participate in projects to earn income, surprisingly across frontiers and borders. Two, platform
for exposure to different challenges and how to deal with them leading to the motivation of new
ideas. Lastly, implementation of these ideas to benefit every person. Thus the “e” world; e-
health, e-learning, e-government and so on2.
A major setback to be tackled is fast internet access because information in this era travels so
fast. If at all around 50% of people with access to internet can’t deliver due to delayed internet
connection then the borders will still be an outstanding factor in the crisis. The European Union
for example, is aiming towards offering speedy accesses higher than 100Mbps2.
Secondly, various companies are in a bid to educate youngsters all over on the internet
use to eradicate joblessness. Such an idea is highly recommended because most of the developed
countries like Germany and Greece are experiencing ageing populations and digitalisation at the
same time. Therefore, new technologies are as a result of active promotion of researches and
investing in the ‘new-breed’ that is highly acquainted with such changes to create a single digital
market for the countries.
Finally, there is currency and capital. These two have improved since the 90’s in their bid to
become global. By this I mean that the currencies in different regions like Euro for Europe,
Dollar in the American region, The Sterling Pound have been exchanged across the borders at a
cost, however. It is an relieving thing to have varied governments relate monetary wise but the
exchange rates and postal services are proving a difficulty in trades3. It has led to loss of exports
and imports between countries dragging the economies down.
There is need for a set of policies which will address the global currency and maybe even come
up with one that unites every nation’s economy in the world. A project to also involve school
going children in the conversion of rates is also a good way of eliminating future crises, because
this way they grow up preparing for an economical world regardless of where they come from.
Then the restrictions on foreign investment be abolished, taxes and migration costs reduced and
encouraging more banking and insurance services inter-globally.
The above factors among others have really helped to cross out the lines that divide people
cultures and economies of different global location. Other important steps include more open
economies like International Monetary Fund(IMF),World Trade Organisations(WTO) and The
World Bank. The United Nations have extended offices in different countries so as to avail
services to the citizens.
In conclusion, Globalisation has helped improve living standards and productivity of countries
through division of labour and setting of right policies for companies to exploit resources, hence
growth of economy. For a country, like Japan, which assembles cars it is important to be
internationally recognised to be able to export their products world wide.Food security could
also be achieved with institutions like FAO(Food Agricultural Organisation)
Without leaving out the neglected issues like corruption, the extending of borders in the world,
poses an equal ground for the countries to eradicate such felonies as well as addressing political
issues4.
References
1. Soproni,Luminita Marcut,Mirela “Eurolimes” issue:13/2012 Pg. 27 www.ceeol.com
2. Brunn. Stanley, D. “Boundaries. Territories and Postmodernity”. Edited by Newman, David. London : Frank Cass Publishers,1999. Pg. 109
3. Beck,Ulrich. “Beyond The Nation : The Frontiers Of The European Union” London,Palgrave Macmillan,2001 Pg. 26
4. www.who.int/../index.html.
Gulliver, Stuart. “Speech on: Redefining Asia’s Role” May,2012. Fung Glo
