The Impact of Technology Monopolization on the Technological Development and Foreign Economic Cooperation Policies of BRICS Countries

Abstract

As the world economy has become more interconnected, technology's role as a driver of growth and a source of competitive advantage for businesses has grown in importance. The BRICS countries have been the engine of global economic growth for over a decade, but they now encounter varying degrees of opposition to their economic development. The developed world has implemented several strategies to preserve its position as the world's undisputed technological leader to maximize its profits and increase its market share. In order to accelerate economic growth, BRICS nations must work together to acquire cutting-edge technology that has been restricted from being exported to developing nations by developed nations. After providing a brief background on the technological monopolies of developed countries, this article analyzes the current state of technological development in the BRICS nations. Then it discusses the impact these monopolies have on technological progress before proposing countermeasures for foreign economic cooperation among the BRICS nations in light of these monopolies.