By: |
Nwaobi, Godwin |
Abstract: |
Indeed, the world economy is a complex system that has undergone many
different phases in the past century. Particularly, the African economy is
undergoing a series of transformations (transitions) that subject the future
to considerable uncertainty, complexity and unpredictability. In fact, some
transformations are cyclical while others are longer-term and more structural
in nature. Yet, these transitions or emergence interact in shaping the future;
making extrapolation from the past an increasingly unreliable source for
future predictions. Thus unlike the previous revolutions, the fourth
industrial revolution is characterized by the emergence of various
technologies such as virtual (augmented) realities, nanotechnologies, 3D
printing, machine learning, big data, cloud computing, drones, autonomous
vehicles, robotics, artificial intelligence and blockchain technologies.
Again, in this digitization era, work is constantly reshaped by technological
progress, while firms adopt new ways of production and markets expand. In
other worlds, digital technology brings opportunity, pave the way to create
new jobs and increase productivity. Unfortunately, this paper argued that
while the digital revolution has forged ahead, its analog complements
(regulated entry and competition, new economy skills access and accountable
institutions) have not kept pace in Africa. Consequently, African governments
should formulate digital development strategies that are much broader than
current ICTs strategies. That is, they should create a policy and
institutional environment for technology that fosters the greatest benefits to
African people of twenty-first century and beyond. |
Keywords: |
Africa, Digitization, Industrial Revolution, Technologies, Disruptions, Development, Old Work, Innovation, Automation, ICTs, E-commerce Robotics, Artificial Intelligence Block Chain, Cryptology, Fintech, Productivity, New Skills, Human Capital, Institutions, Policies, Emergence, Transformations, Economies, Analog Complements, Unemployment, New Jobs, Social Protection |
JEL: |
D80 D83 E24 E60 G10 I2 J10 J40 J6 J60 L50 O10 O30 O31 O33 O38 |
Date: |
2019–10–03 |
URL: |
http://d.repec.org/n?u=RePEc:pra:mprapa:96317&r=all |