The concept of global village is emerging with improved and easy communication across all regions of the world. World is shrinking into a closely-knit unit, thanks to the advent of modern technology. For example, Internet makes the boundaries between nations vanish. Anybody from any part of the world can still keep in touch with the remotest area. Now it is important to consider ourselves as the citizens of the world rather than of a country.
The world economy is no more a collection of scattered entities. There is a lot of inter-dependence between different nations. The role of technology is undeniable. Mobile phones and email have brought the nations closer by facilitating instant communication! An incident in any part of the world travels much faster than earlier, and affects the rest of the world almost immediately. Therefore it is important to view the world as a single economy and not as that comprising of different economies.
Any national decision whether political, fiscal, economic or social has impact on the other countries. Therefore it is analyzed for its affect all over the world. For example, when US frame a policy on increasing prices of its agricultural commodities, prices of the same in other nations also get affected. Other countries may face anti-dumping duty for exporting at a lower price.
Citizens should also take care that viewing, as belonging to the nation does not serve the world in long run. When people across the world can instantly communicate with one another with the help of modern technology world is more like a family than many families. This thought nurtures fraternity and warmth in relationships, especially considering the fact that human touch is getting lost with the improved technology. People use internet to talk, write and see from distance. Hence it is necessary that the world see more responsibility towards all the countries rather than one country.
The thought of belonging to the entire world promotes international cooperation. Wars are known to occur between countries and not between states in one country. This is due to the sense of oneness among people within a country. It might help in preventing wars between countries if the sense of oneness extends to world as one. For example, Mother Teresa viewed the world as one, and hence despite being from Yugoslavia she served the poor in India.
Thus the world is no more a collection of different economies. The concept of global economy calls for international cooperation. It is necessary to understand our role as that of citizens of world instead of as citizens of a country.