The contributors' findings suggest that India's ICT-led growth will accelerate in the next ten years, launching India as a major global economic power next to the US and China. This provocative and timely volume will be a necessary read for students and scholars of international business, public policy, economic development, management and strategy as well as all those interested in the impact of globalization on national and regional economies.
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Description Table of Contents Product Details Click on the cover image above to read some pages of this book! Introduction p. All Rights Reserved. Strengths Finder 2. In Stock. Capital in the Twenty-First Century.
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Information and communication technologies for development
Start Something That Matters. Only three previous technologies earned this distinction: the steam engine, the electricity generator, and the printing press. These changes bring enormous long-term benefits. The steam engine, originally designed to pump water out of mines, gave rise to railroads and industry through the application of mechanical power. Benefits accrued as farmers and merchants delivered their goods from the interior of a country to the coasts, facilitating trade. By their very nature, general-purpose technological revolutions are also highly disruptive.
The Luddites of the early 19th century resisted and tried to destroy machines that rendered their weaving skills obsolete, even though the machines ushered in new skills and jobs. Such disruption occurs precisely because the new technology is so flexible and pervasive. Consequently, many benefits come not simply from adopting the technology, but from adapting to the technology.
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The advent of electricity generation enabled power to be delivered precisely when and where needed, vastly improving manufacturing efficiency and paving the way for the modern production line. In the same vein, Uber is a taxi company using digital technology to deliver a better service. An important component of a disruptive technology is that it must first be widely adopted before society adapts to it.
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Electricity delivery depended on generators. The current technological revolution depends on computers, the technical backbone of the Internet, search engines, and digital platforms. Because of the lags involved in adapting to new processes, such as replacing traditional printing with online publishing, it takes time before output growth accelerates.
In the early stages of such revolutions, more and more resources are devoted to innovation and reorganization whose benefits are realized only much later. For example, while James Watt marketed a relatively efficient engine in , it took until for the first commercially successful steam locomotive to appear. But make no mistake—the digital revolution is well under way. In addition to transforming jobs and skills, it is also overhauling industries such as retailing and publishing and perhaps—in the not-too-distant future—trucking and banking. In the United Kingdom, Internet transactions already account for almost one-fifth of retail sales, excluding gasoline, up from just one-twentieth in And e-commerce sites are applying their data skills to finance.
The Chinese e-commerce giant Alibaba already owns a bank and is using knowledge about its customers to provide small-scale loans to Chinese consumers. Meanwhile, anonymous cryptocurrencies such as Bitcoin are posing challenges to efforts to combat money laundering and other illicit activities. But what makes these assets appealing also makes them potentially dangerous. Cryptocurrencies can be used to trade in illegal drugs, firearms, hacking tools, and toxic chemicals. On the other hand, the underlying technology behind these currencies blockchain will likely revolutionize finance by making transactions faster and more secure, while better information on potential clients can improve the pricing of loans through better assessment of the likelihood of repayment.
Regulatory frameworks need to ensure financial integrity and protect consumers while still supporting efficiency and innovation. Looking forward, we may see even more disruption from breakthroughs in quantum computing, which would facilitate calculations that are beyond the capabilities of traditional computers. While enabling exciting new products, these computers could undo even some new technologies.
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For example, they could render current standards in cryptology obsolete, potentially affecting communication and privacy on a global level. And this is just one aspect of threats to cyber security, an issue that is becoming increasingly important, given that almost all essential public services and private information are now online. The jobs of up to one-third of the US workforce, or about 50 million people, could be transformed by , according to a report published last year by the McKinsey Global Institute.
The study also estimates that about half of all paid activities could be automated using existing robotics and artificial and machine learning technologies. For example, computers are learning not just to drive taxis but also to check for signs of cancer, a task currently performed by relatively well-paid radiologists.
ciescalalibta.tk While views vary, it is clear that there will be major potential job losses and transformations across all sectors and salary levels, including groups previously considered safe from automation. As the McKinsey study underscores, after a slow start, the pace of transformation continues to accelerate. The ubiquitous smartphone was inconceivable to the average person at the turn of the 21st century. Now, more than 4 billion people have access to handheld devices that possess more computing power than the US National Aeronautics and Space Administration used to send two people to the moon.
And yet these tiny supercomputers are often used only as humble telephones, leaving vast computing resources idle.
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Digital technology will spread further, and efforts to ignore it or legislate against it will likely fail. But economic disruption and uncertainty can fuel social anxiety about the future, with political consequences. We know, of course, that humanity eventually adapted to using steam power and electricity, and chances are we will do so again with the digital revolution.
The answer lies not in denial but in devising smart policies that maximize the benefits of the new technology while minimizing the inevitable short-term disruptions.