Topic: Adapting to the world changing Economy (Read 54 times)

True. There are countries that are still backwards in terms of developmental structure, thier exposure to technology and the retarded pace of her economy which are all a function of thier inability to be open minded in terms of embracing the kind of change the world has witnessed.

The US, China, Russia and all the other big nations that have developed tremendously didn't just do that because they wanted to adapt to any system. They did that because they were able to  understand how the world works and put out effort to position themselves at the top by becoming thier own competition. The USA wants are educational system to be better than that if China and China wants same. All of them are arriving to be the best innovative country and that in turn causes them to outgrow other nation that's relaxing and that's not putting out any effort to ensure that they equally grow and become relevant like the countries at the top.

It is the indecision of the stagnated country that made them remain the way they are while the proactivenes of the countries that aiming for the top has helped them to continue growing and advancing in almost all areas.

For a country to thrive it first needs wise people and secondly it needs wise decision makers who collectively make the correct decisions at key times without wasting any opportunities. China did it best. They took advantage of the global conflict (World War 3 aka the Cold War) and expanded its economy and in a couple of decades became the strongest economy.
US did it the worst way by abusing the WW2 destruction to become dominating power and then they started lots of wars and destructions that has been pulling US down (hint: 35 trillion dollars of debt).

Right now the best decision any nation can make in my opinion, is to join the BRICS and help it get stronger, and more determined to make serious decisions such as to dedollarize because when the collapse of US economy occurs, it will take down everyone. Countries that rely on the dollar the most will suffer the most.

True, countries have to be responsive to emergent technologies like AI if they are to compete, but IMO just following any trends will not get any country any good. Most African economies do quite well in leveraging AI in focused areas such as agriculture, finance, and governance. Kenya, Egypt, and Mauritius have already adopted national AI strategies and thus helped push innovation across all sectors.

Of course, it is not a matter of racing for every new technology either. One is bound to be circumspect about serious pitfalls that could displace jobs and cause economic inequality in countries at a nascent stage of development in respect of their labor markets. While adaptation is the key, it is equally important for countries to balance their progress with ethical consideration and policy on inclusive growth.

I would just like to clarify, USA was already emerging even before WWII. US was one of the earliest adapters of industrialization. Even before the war, factories and different machineries already were on the rise in the country. It is one of the biggest economies back then with UK, Germany, USSR, and Japan. China though I would agree that they were not as big as they are now. They natured the nickname of a sleeping giant because its potential was not really realized or maximized yet until the 1970s.

One thing that you seem to overlook when describing the countries doing strongest economically - it is capitalism, or more specifically, reasonably well regulated capitalism, that has allowed them to prosper so much. It is one thing to have a good idea, but to turn that idea into success you need many things - a good education system (to train you and others), a strong legal system that will protect everyone relatively equally, infrastructure, a government that can defend the country but is not overly antagonistic to neighbors and ideally many other public services in between. In some countries like China, you have pieces of those but the opaque and erratic style of rule makes it hard to plan for the long term.

Why countries like the US, China or Russia can advance rapidly in the world economy is because they do not forget where they come from, uphold principles and culture, defend their homeland, even in the midst of sophisticated technology and modernity they know the results must return to their own country. Not only in terms of wealth, they also trigger chaos in various underdeveloped countries, seize natural resources, instill a contradictory way of life to control the next generation. Not a few also interfere in other countries' wars, offer peace while doing arms business.

All that has passed and now we are in an era where every country should be able to develop more advanced, manage available natural resources, do business with foreign countries. However apart from this cooperation, remember that a developed country is a country that is able to stand on its own land and cannot be dictated by other countries. Just look at the US, China or Russia, is there anyone who dictates them? no one,  so that they are able to advance to become rulers in all financial sectors.

The world where we live in is a dynamic place, that means things are not ment to be static instead they are ment to be changing overtime. Infact we where told that man has undergone so many stages of evolution before getting to where we are as homosapiens.

 It's also like that with the world that we find our self as the world has undergone different stages from the time's of the stone age to that of slave trade, and to that of the industrial age where artificial intelligence has taken over every sector of the world Economies.
There's need for developing Economies like those of Africa to adapt and embrace this economic evolution that is going on currently as any country currently holding on to the orthodox way of doing things has been left behind.

Infact I have come to the realization that there are currently countries who are living in the future and there are also countries who are also living behind time because they have failed to embrace change and move on with the ever changing world.

Looking at the world leading Economies like the united state of America, China etc who where not known economically and Technically before the second world war how did they emerge as world leading Economies that their policies at home affect others parts of the world it's simply because they adapted to the world that was changing around them and decided to make investment in that light and today they are reaping the fruits of their labour