The surge of new technologies, especially sophisticated information and communications technologies, has rendered possible what has been termed as globalization of the economy, or even technoglobalism. This phenomenon is evident in the financial markets, and is becoming more apparent in the goods and services market. There is increasing cooperation between and interlinkages among firms so that R&D, servicing and production are spreading around the world. The information technology industry is increasingly characterized by globalization. Strategic alliances are today's business tools. Companies, large and small, are open to partnering with other companies and organizations. R&D partnerships play an important role in enhancing competition through pooling skills and resources to achieve technological excellence. Production and marketing agreements enable companies to make use of their partner's distribution system and knowledge of local markets. Globalization is a fact. Companies competing in the international market are taking advantage of operating at a global level and benefiting from market scales and the diversity of consumer and production factors. The changes in organization and structure, brought about by globalization give rise to crucial policy and management issues. These include, but are not limited to: infrastructure; location; physical and intangible investments; international competition; intellectual property and standards.
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