Rapid technological transformation is going to be a key feature of our economy. Technologies are not only offering new opportunities which have the potential to transform the society, but several new challenges are also associated with the new technologies.
How Technological Created Inclusive Society in the Past
Economy had benefitted from the advancement in technologies. Economic performance has been boosted; production is more efficient than ever; Globalization would not have happened without the advancement of technologies. All these developments have transformed the human society.
Latest Wave of Technology
- Digital revolution is the most important issue of our time.
- How it is disrupting the society and the economy demands renewed policy cooperation at all levels of governance.
- The latest wave of technological change is very broad; hence, its impact is also going to be very far reaching.
- Digital technologies have fast becoming more accessible and more affordable. This is the reasons, people’s lives and livelihoods are getting transformed at a faster rate than what we had thought.
- Instead of lifting poorest people out of poverty, there is a danger that latest technological may actually push more people into poverty.
- According to an estimate, by 2023, the world will still have more than three billion people who don’t have access to the internet.
- This lack of access will delay addressing the problem of digital exclusion.
- Existing forms of exclusion can not only be perpetuated but they could be widened further by digital technologies.
- These technologies are already causing economic inequality both within a nation and between two nations.
- Developing countries are struggling to catch up with the developed countries to adopt modern technologies. What makes the matter worse is the fact that developing countries neither have capable human capital nor they have effective institutions.
- However, developing countries can still harness the new wave of frontier technologies for the benefit of all.
- Digital technologies have immense potential to bring changes in agriculture, manufacturing, and other services which engage mostly poorest of the poor and low-skilled people.
- If the latest technologies are introduced in the above-mentioned fields, they could unlock new routes to prosperity.
Technology for Inclusive Society:
What Needs to be Done
- Technology alone will not guarantee success.
- Identifying technologies that work best in local contexts and conditions should be the topmost priority for the policymakers.
- Right technologies can create social, political and economic ecosystems.
- Such technologies can create more jobs and drive inclusive growth.
- Policymakers should brace for digital readiness in four areas: infrastructure, human capital, policy and regulation, and finance. These are the technical pillars of the future economy.
- Developed countries need to provide technologies to developing countries in the field of climate change, pollution, agriculture and financial inclusion.
- To realize the full benefit of the Fourth Industrial Revolution, public-private partnerships need to be strengthened.
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