Capital vs. technology

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Wheylous posted on Sat, Mar 31 2012 5:05 PM

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I was recently reading an article about employment in India, and it mentioned the fact developing countries have access to all the technological knowledge, but are missing the capital.

This appears to tie in to an idea I’ve heard before: that the Industrial Revolution wasn’t a miracle of technology but one of capitalism. This idea about developing countries appears to have a strong relevance – all the technology could be had (because it’s already been invented), but the capital isn’t yet in the country. This is proof that it’s not (just) technology that drives improvement in countries, but capitalism and the attraction of capital.

Thoughts?