Adam Smith (1776) what builds nations' wealth, and is today a fundamental work in classical economics, in wealth of nations, the book touches upon such broad topics as the division of labour, productivity, and free markets. Joseph A. Schumpeter’s Change is the only constant in the evolution of capitalist economies (1950) “the agent of innovation,” Why can’t raw materials driven economies of African nations understands the fourth industrial revolution today? How can academic or professionals help?
Dear Dr. Otaiku,
Look at the countries having good natural resources.
Then look at the countries get highest amount of money by using natural resources. Everything will be clear.
The countries with technologies and fund to invest will use natural resources to produce consumer's products. They will sale these to all other countries.
They will use natural resources of any country. These countries with natural resources and without technology are made bound to follow the path.
I can not find chance of any alternative at near future.
It is purely a business, Sir.
Dear Dr. Otaiku,
Look at the countries having good natural resources.
Then look at the countries get highest amount of money by using natural resources. Everything will be clear.
The countries with technologies and fund to invest will use natural resources to produce consumer's products. They will sale these to all other countries.
They will use natural resources of any country. These countries with natural resources and without technology are made bound to follow the path.
I can not find chance of any alternative at near future.
It is purely a business, Sir.
Undoubtedly technology. Africa is rich in mineral resources as raw materials, but due to lack of technology these mineral resources cannot be converted to useful products, hence there is widespread poverty in the continent. However, technology rich and resource poor Japan is one of the richest country in the world.
Raw material ,science ,& technology are essential for the development & creating wealth without which the development is may come only under slow process however we have to agree that raw material is the first green mark for creating wealth .
This is my personal opinion
Science and technology will bring wealth. Yes raw materials can foster economy but even in the absent of raw materials, science and technology will turn wastes to raw materials. While absence of technology with abundant raw materials will lead to under utilization of the raw materials or misplaced of priority on what to be produced from the raw materials.
From the above answers and thinking. This implied that the economic futures of raw materials dependent counties is not stable and development will be stagnating. How can these countries survive the fourth industrial revolution.?
There has to be change in the mind sets of leaders of those countries today.
I think the tools are :
Science
Technology
Engineering and
Mathematics.
But something is missing from the theory of fourth industrial revolution powered by STEM is material sciences .
Why?
Advanced materials science and Technology holds the key to environmental and technology sustainability.
Both resources and technology can create wealth.
Africa has tremendous resources, but not good exploitation methods. Probably needs help in technology to do it by itself and sell it by itself for the benefit of all residents, not just companies. It is hard to start, but need only one to starting the ball rolling.
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