The Importance of Technological Progression in Impoverished Countries

Mohammed T. Hussein (), Munir Quddus and Lawrence J. Trautman
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Mohammed T. Hussein: Department of Accounting, Finance, and Management Information System, Prairie View A&M University, Prairie View, TX 77446, USA
Munir Quddus: Department of Marketing and Management, Prairie View A&M University, Prairie View, TX 77446, USA
Lawrence J. Trautman: Department of Accounting, Finance, and Management Information System, Prairie View A&M University, Prairie View, TX 77446, USA

JRFM, 2025, vol. 18, issue 11, 1-16

Abstract: In mid-2023, United Nations Secretary-General António Guterres warned that almost 80 years following the end of World War Two, “the global financial architecture is outdated, dysfunctional, and unjust. It is no longer capable of meeting the needs of the 21st-century world: a multipolar world characterized by deeply integrated economies and financial markets. But also marked by geopolitical tensions and growing systemic risks.” Further, the Secretary-General cautioned that “the current global financial system exacerbates inequalities, denying the poorest countries the credit and debt support they need and deserve”. We address the question: How does the transfer of modern technologies improve the economic development of impoverished nations? In this paper we demonstrate that rapid technological change is a double-edged sword—bringing significant productivity gains and economic progress while also causing profound societal disruptions and posing a threat of political instability in parts of the world. Nevertheless, we believe that a rapid and sustained transfer of these technologies holds great promise for the rapid development of today’s less developed nations.

Keywords: corruption; poverty; income inequality; technology; transfer; potential and peril; cybersecurity; artificial intelligence; food insecurity; United Nations; World Bank (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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