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Challenges of Developing Countries in Imitating Technological Progress
Abstract
Technological progress has become an important characteristics of economic progress. The most economically developed nations are also the most technologically advanced ones, that is, the ones that not only make a proper and innovative utilization of technology, but also develop it on their own. Newly developed countries, such as South Korea and China, have economically surpassed many Western countries, because they can catch up and surpass the technological capability of the latter. However, the technological progress of one country cannot be just imitated by another. Technological development is much more than just allocating a large budget for research and development. It involves and transform a heterogeneous network of actors, and hence requires a complex set of institutions and governance that enable the network to upgrade their collective capabilities.
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