Globalization and Technology Transfer: An Assessment of the Emerging Issues and Challenges for the New Societies

Abstract

Globalization has significantly expanded access to advanced technologies for technological latecomers and emerging societies. Given the centrality of technology transfer to economic development, globalization offers developing and low-income countries a critical opportunity to enhance per capita income and improve overall standards of living. This paper examines the relationship between globalization and technology transfer, adopting Immanuel Wallerstein’s World Systems Theory as its analytical framework. The study finds that, despite improved access to foreign technologies, technology transfer has not translated into commensurate improvements in living standards, labour productivity, or demand for skilled labour in many developing and low-income countries, including Nigeria. This disconnect suggests that technology transfer alone is insufficient to drive sustainable development without supportive domestic conditions. To maximize the developmental benefits of globalization-induced technology transfer, the paper recommends deliberate and simultaneous investments in both technological acquisition and human capital development. In particular, strengthening education and skills training systems to align with the requirements of imported or transferred technologies is essential for enhancing productivity, employment outcomes, and long-term economic transformation.