Global Economy Research Paper 2022

Economics 1
Global Economy
By [Name]
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Economics 2
Global Economy
ESSAY 1
Technology in the Globalised World Benefits all Developing Countries
Introduction
The international movement of knowledge and technical expertise has become a common
agenda globally, thus leading to the advancement of the world economy since the early 1970s.
Science is expanding, which also leads to increased commodity diversification in the world trade
arena. Technological progress has made it easy globally to receive foreign direct investments
through transnational corporate (Kumar and Siddharthan, 2013). As a result, developing
economies are in a pole position to acquire transmitted innovative ideas across the globe. New
opportunities are therefore opening to benefit the available stock of resources in these countries,
which in turn earns them direct foreign investments.
According to Vivarelli (2014), technological integration in developing economies has
increased, though there are disparities between countries in terms of technological progress.
However, given the increased technological progress in emerging economies, the manufacturing,
service, and agricultural industries are well placed to enhance in terms of growth and
development. It, therefore, calls for increased human capital to help absorb and integrate the
advanced technological growth in the developing economies as well as economic policies. As a
result, this paper will discuss the relevancies and impacts of the globalization of the technology
on the developing countries and its implications for the development strategies and policies.
Benefits of Technological advancement in Developing Economies

Economics 3
The adoption of technology in the developing economies has led to profound effects on
the economies of scale through the reduction in the national costs of production, the
establishment of standardized production qualities, and effectiveness in the e-communication
(Passaris, 2019). Unfortunately, global technological growth has remained an adoption rather
than an innovation in most of these economies. As a result, the need for technologies has
remained a significant concern in terms of technological diffusion in low-income economies,
leading to unevenly distribution within countries (Van Dijk, 2013). The rapid spread of
technology in developing countries stimulated by the introduction of the internet has led to
positive cultural changes. Globalization can also lead to cultural awareness and promote
diversity in the case of assimilation. However, due to security reasons, some developing
economies are not able to experience the benefits of technological growth.
New technology has reduced the prices of goods and services in most developing
economies. As a result, product diversification has benefitted the developing economies in the
global market, thus improving the per capita income of these countries (Rodrik, 2014). For
example, mobile phone banking, known as M-Pesa introduced by a telecommunication industry,
Safaricom in Kenya, has led to an increased business transaction for the agricultural products. As
a result, consumers are now able to buy and sell goods online without physically having the
goods in-store. The telecommunication development has given the poor citizens in these
countries access to long-distance communications without incurring costs (Asongu, 2015).
Another example is the internet-based tractor plant form in Nigeria, the “Hello Tractor," which
has enabled smallholders to increase their productivity level without having to possess the scale
of production.

Economics 4
Advanced technological growth has been commended for its role in transforming the
large-scale farming in Latin America and Africa. The uses of drones, GPS, data, and high-speed
telecommunication machines have facilitated improved service delivery. As a result, farming
through irrigation has been optimized in the developing economies where pesticides and
fertilizers are enabled through technological advancements (Evans, 2014). As a result of
improved global technology in the developing economies, countries are now able to depend on
themselves during hunger periods since the farm productivity and diversification are encouraged.
Globalized technological advancement in developing economies has not only changed
how people produce goods and services and communicate, but it has also allowed for extensive
innovative work where people can create and test new ideas through product development
(Passaris, 2019). In Rwanda, drone technology has been used to deliver blood in remote areas,
and 3 D printing has helped to provide spare parts for the demand for animation machines in the
developing economies. Cell phones have become prevalent in developing economies where they
are used by underserved communities to provide information about health issues. As a result,
mobile health technologies have benefitted the developing economies through the unprecedented
entrance to resources that are important for life-threatening diseases such as malaria and
HIV/AIDS. In Uganda, there exist a non-invasive malaria detection application for the cellular,
where it uses a light sensor to detect malaria in the body (Asongu, 2015). As a result, patients do
not need to go to doctors to be diagnosed but just for treatments.
According to the World Health Organization (2015), more than 1.8 billion people in
developing countries lack clean water, with more than 2.5 billion people lacking sanitation
facilities. As a result, technological advancement through engineering expertise has played a
significant role in reducing this number. This is through the building of the underground pipe