The Impact of Technological Progression on Impoverished Countries

During mid-2023, United Nations Secretary-General António Gutterres warns that almost 80 years following the end of World War Two, “ the global financial architecture is outdated, dysfunctional, and unjust. It is no longer capable of meeting the needs of the 21st century world: a multipolar world characterized by deeply integrated economies and financial markets. But also marked by geopolitical tensions and growing systemic risks.” Further, Secretary-General António Gutterres cautioned that “the current global financial system exacerbates inequalities, denying the poorest countries the credit and debt support they need and deserve” (Gutterres, 2023). As we will demonstrate in the pages to follow, rapid technological change is a double-edged sword, providing major productivity improvements leading to substantial (improvement in the financial architecture and economic progress―while creating profound societal disruptions and the threat of political instability.