Abstract
For many centuries, the gross world product was flat. But as technology penetrated many economies, over time, the world economy has expanded. Technology will continue to shape the future of commerce, industry and culture with likes of nanotechnology and microelectronics directly or indirectly playing major roles in redesigning the global economic structures. These technologies will drive other industries and will be central to a new international economy where technology capability will determine national competitiveness. Technology-intensive firms will emerge and new innovations will evolve a new dawn in wealth creation. Nations that create or adopt and then diffuse these technologies will profit. Those that fail to use technology as a means to compete internationally will find it difficult to progress economically. This article provides insights on global technology diffusion, the drivers and impacts with specific focus on nanotechnology and microelectronics. It also discusses the science of these technologies along with the trends, realities and possibilities, and the barriers which must be overcome for higher global penetration rates.
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