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Trade Policies and Development of Technology in Africa

Trade Policies and Development of Technology in Africa
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Author(s): Louis O. Osuji (Chicago State University, USA)
Copyright: 2012
Pages: 16
Source title: Regional Development: Concepts, Methodologies, Tools, and Applications
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-4666-0882-5.ch608

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Abstract

Trade between nations is very crucial in the process of economic and technological growth. Directly or indirectly, trade facilitates the process of technology innovation, transfer and diffusion. It offers the trajectory to evaluate and understand how technology penetrates economies and remains a good indicator to measure national progress on technology creation and assimilation. The growth link between international trade and economic development could be traced to the classical trade theory of Adam Smith, and David Ricardo and the modern neoclassical trade model of Heckscher-Ohlin (H-O). While there is no single model that captures the route to economic development, this chapter explores how African countries working closely can harness and utilize technological advancements to improve their share of global trade so as to accelerate their overall economic growth and development.

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