Final answer:
Time-space compression describes the phenomenon in which communication and transportation technology advancements associated with globalization make the world feel smaller and distances shorter, often referred to as the impact of globalization on perceptions of space and time.
Step-by-step explanation:
The term that describes the rapid innovation of communication and transportation technologies associated with globalization that transforms the way people think about space and time is known as time-space compression. This term, as suggested by David Harvey, encapsulates how the advancements in technology, particularly in communication and transportation, have made the world feel smaller and distances shorter. The improvement in technologies such as mobile phones, satellites, and internet connectivity has reduced the perceived barriers of distance, allowing for instant communication and making global trade more efficient. Moreover, technologies have not only impacted economic transactions but also social interactions, contributing to a sense of a global village.
For instance, technologies have enabled people to maintain relationships across long distances, transformed the way businesses operate by enabling global supply chains, and provided access to information and cultures from around the world. Despite the many benefits that technological globalization brings, it can also have adverse environmental impacts and challenges such as rapid deforestation, over-farming, and implications for global warming.