Globalization may have already become entrenched, and developing countries may not have the power to reverse the phenomenon. Instead, given that activities remotely could affect the majority in a local environment, including poor communities that are not even aware of global economic regimes, managers of developing countries’ institutions are faced with the burden of developing effective interventions to minimize negative impacts of globalization of capital while enhancing the opportunities for their citizens. The influence of the Information Age on a nation’s wealth creation may be through its ability to create new competitive advantages in which the nation-state acts as a sink to pull global knowledge and capital flows. Development of human resources and establishment of the facilitating business environment in developing countries are therefore essential in creating the fertile environment that can attract the flow of capital and know-how toward building the Information Age in these countries. This would in turn nurture their knowledge economies and lead to sustainable economic and social progress. Developing countries need to design creative means to divert some of the global wealth and knowledge resources toward their issues. This needs to be done in a manner that could be mutually beneficial to the North and South, without being parasitic of the North or allowing themselves to be exploited by such capital and knowledge flows.
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John S.C. Afele