Afritopiconomics
The integration and adoption of new technologies in diverse industries and services have changed world economics and human way of life. The world economics today is not the same as it was 5 decades ago. While the once undisputable economic power of the world, USA, still maintains its lead, some Asian countries, China, Taiwan, South Korea, and Japan are investing in and developing competitive technologies to close the gap. These upcoming economic powers are gaining recognition for the good quality of their products, which were considered and proven to be made of inferior materials and technology years ago. The stigma of inferiority, particularly in relation to China and Taiwan, has not disappeared due to the fact that a group of manufacturers in China and Taiwan are notorious for supplying illegal markets with cheap imitations of luxury products. But in a business world in which demand and supply dictate the market, these manufacturers are fulfilling the demand of a huge market and thereby contributing immensely to boosting the economies of their countries. Are there arguments to justify the illegal counterfeit market? It is noteworthy that these manufacturers copy technologies and designs created in the USA and Europe and do not accept any wrong-doing in the behavior; It is practical learning by doing. In the process of emulating copied technologies, these manufacturers have helped the growth of the manufacturing industry and skilled workers. Over the years, the manufacturers have improved upon the copied technologies and moved on to inventing in-house technologies and designs. Being endowed with a high population, the number of skilled professionals increased rapidly resulting in high rate of innovation output as well as exorbitant gain of market-share in consumer and industrial goods.
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