The Impact of Technological Progression on Impoverished Countries

22 Pages Posted: 14 Jul 2023

See all articles by Mohammed T. Hussein

Mohammed T. Hussein

Prairie View A&M University - College of Business

Munir Quddus

Prairie View A&M University - College of Business

Lawrence J. Trautman

Prairie View A&M University - College of Business; Texas A&M University School of Law (By Courtesy)

Date Written: July 9, 2023

Abstract

During mid-2023, United Nations Secretary-General António Gutterres warns that almost 80 years following the end of World War Two, “ the global financial architecture is outdated, dysfunctional, and unjust.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, Secretary-General António Gutterres cautioned that “the current global financial system exacerbates inequalities, denying the poorest countries the credit and debt support they need and deserve” (Gutterres, 2023). As we will demonstrate in the pages to follow, rapid technological change is a double-edged sword, providing major productivity improvements leading to substantial (improvement in the financial architecture and economic progress―while creating profound societal disruptions and the threat of political instability.

Keywords: AI, artificial intelligence, climate, corruption, COVID-19, crime, cybersecurity, FCPA, food insecurity, genetics, income inequality, Internet of Things (IoT), nation states, pandemic, poverty, technology, terrorism, United Nations, water, World Bank

JEL Classification: F21, F43, F51, F52, H84, I30, I31, O13, O14, O19, O3, O33, Q1, Q54, Q55

Suggested Citation

Hussein, Mohammed T. and Quddus, Munir and Trautman, Lawrence J., The Impact of Technological Progression on Impoverished Countries (July 9, 2023). Available at SSRN: https://ssrn.com/abstract=4504926 or http://dx.doi.org/10.2139/ssrn.4504926

Mohammed T. Hussein

Prairie View A&M University - College of Business ( email )

Prairie View, TX
United States

Munir Quddus

Prairie View A&M University - College of Business ( email )

Prairie View, TX
United States
7137758723 (Phone)

Lawrence J. Trautman (Contact Author)

Prairie View A&M University - College of Business ( email )

Prairie View, TX
United States

Texas A&M University School of Law (By Courtesy) ( email )

1515 Commerce St.
Fort Worth, TX Tarrant County 76102
United States

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