Publication Date



School of Business


Business Administration; Business: Economics; Business: Finance


globalization, technology, economic restructuring, smart cities, prosumers, urban future


Accounting | E-Commerce | International Business | Technology and Innovation


In 21st century, the current economy is rapidly utilizing globalization to create a vastly different future. With the advent of new technology merging with entrepreneurs who effectively utilize that technology, the economic model is changing. Faster, sleeker, more effective forms of communication and information transfer drive the process of globalization. Production for a single product can happen in multiple countries, companies can operate virtually 24/7 through call centers halfway around the globe, and preliminary smart cities are beginning to emerge to give us a glimpse of the future world. A new category of businesspersons called “prosumers” is emerging and has created a new sharing and soon-to-be self-service economic structure. Analysis of the two drivers of economic change—globalization and technological innovation—will reveal how close civilization is to the city of the future.