Convergence theory

Convergence Theory

Convergence theory is based on the basis that, as more and more states become industrialised, a similarity begins to emerge in terms of technology and social norms. This suggests that there is a mixture of diverse technology, markets, and society that inevitably produces cheaper, more competitive, and still identical characteristics. Convergence theory is often based on the functionalist viewpoint of economics, which assumes that, in order for a society to exist and work efficiently, certain conditions must be met. Convergence theory can be further subdivided into three groups, including technical convergence, cultural convergence, and economic convergence. This paper seeks to outline and expound on each of the sub-categories of convergence theory by example and also generate three inquiry questions based on convergence theory.

Technological Convergence

Technological convergence can be described as the coming together of distinct entities, especially in the information technology world, whereby different technologies combine into a single device. One such example can be seen in the Blockchain ledger technology that enables the viewing of a system of record (ledger) by any network participant. This technology is behind revolutionary technologies such as Bitcoin, a cryptocurrency and payment system. Bitcoin enacts exchange of information by use of a decentralized network to smart contracts. Another example of technological convergence can be seen in the Internet of Things (IOT) which covers a broad connection of objects to the internet by way of the cloud. With the connection of multiple devices such as sensors to light in cities, mobile phones among others, there is a subsequent explosion of data. Consequently, businesses are able to maximize their functions and also have a better connection to customers.

Cultural Convergence

Cultural convergence can be defined as the coming together of two or more cultures and ultimately the emergence of a new combined culture. One example of cultural convergence can be seen in the English language. All around the world, the English language is widely accepted as the language of choice. This development has driven nations all around the world to adopt the language due to economic realities, and the subsequent success of western markets can largely be attributed to the ease of communication, which in this case is the use of the English language. Another example of cultural convergence can be observed in the celebration of sports. It is safe to say that sporting activities and events have become an independent culture. International events such as the Olympics and the World Cup are events that unite cultures from all over the world for the love of sport.

Economic Convergence

Economic convergence can be seen in the systematic increase in GDP per capita and productivity in industrialized nations. This development signifies the closing gap in terms of the common level of prosperity in all industrialized countries. Furthermore, economic convergence suggests that poor nations should catch up with affluent nations over time. A perfect example of a nation that has undergone economic convergence is Hong Kong through the encouragement of free markets and the suitability of a small government. Another country that has undergone economic convergence is Singapore, which is also a small country with a free market. Keen looks at countries that have successfully undergone economic convergence show that there must be a free market. Also, a small government is quite suitable for economic convergence.

Conclusion

Based on the three sub-divisions of convergence theory, below are inquiry questions covering the three divisions of convergence theory?

1. On economic convergence, is the economic convergence theory really feasible in the economic world or is it more theoretical than practical?


2. On technological convergence, the possibilities open on convergence and the reactions or effects to the world that would result?


3. On cultural convergence, the effect it has had on independent cultures and whether it is a good or bad thing for the society in general?