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China And India: World's Next Superpowers?

1144 words - 5 pages

MGMT 002 Technology and World Change Topical Written Report Term 1, AY 2011-2012 G22, Project Group 4 Word Count: 1000

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Table of Contents I. Synopsis ............................................................................................. 3 II. Relationship between technological and economic developments ............................................................................................................... 3 A. How technological developments fuel economic developments........................................................................................ 3 B. How economic developments fuel technological ...view middle of the document...

We recognise that there are other unintended consequences of the rapid development of technology and economy. These consequences are far-reaching, extending beyond the internal domains of China and India themselves to affect the entire world. Looking at the intrinsic link between technology, the economy and geopolitics, and taking into account the rise of India and China, we conclude that there will be a shift of power to the East in time to come.

II. Relationship between technological and economic developments A. How technological developments fuel economic developments Quintessential to China and India’s ascension as emerging super-powers is economic liberalization and a directed approach to embrace globalization. This encourages the free-flow of ideas and technology with others. The influx of new technologies was integral to propelling both countries’ economic development 1 as it augmented productivity levels, created new industries and spurred the growth of lateral industries. The gasification of coal using the underground coal gasification technology in China2 for instance enhanced the exploitation of natural resource to greatly increase the production of energy for domestic use and exports. Further, in India, the Green Revolution utilized foreign technology to raise agriculture output
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“Innovation Capacity and Economic Development, China and India”, Peilei Fan, March 2008 http://www.niaslinc.dk/gateway_to_asia/nordic_webpublications/x506035734.pdf 2 “Exploiting China’s Coal While It’s Still Underground”, Peter Fairley, 8 July 2011

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significantly, transforming India from a starving nation to the 2 nd top producer of farm outputs globally3. Concurrently, lateral industries such as machinery and engineering industries grew and created new business opportunities. B. How economic developments fuel technological developments Technological developments fuel economic developments and this synergy leads to a cyclical and snowballing effect of re-investment in technology as capital investment rises and new innovations are sought by both the public and private sector to remain competitive. China, which has already overtook the US in terms of manufacturing output 4 evinces the catalyzing effect economic growth has on technological development as it can afford to improve its manufacturing processes in its factories. India too, leveraged on their economic growth to establish itself as an Information Technology powerhouse by improving education standards and infrastructure in the country. C. How sustainable are these developments? Technology has unequivocally enabled both countries to propel their economic growth and ascension as super powers; alongside, a plethora of unintended consequences from an ever-widening income disparity, inflation, pollution and such arise due to rapid industrialization and ever-increasing demand for resources. Technology is then essential in bridging social and economic growth to achieve a balance and create...

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