This chapter is intended to explain why and how information and communication technologies may affect the process of socio-economic development, especially with regard to economically backward economies. It sheds light on why technological changes constitute prerequisites enabling advancements along the socio-economic development pattern. It is also designed to exhibit the special relevance of information and communication technologies when implemented in developing countries. Additionally it discusses the potential channels through which information and communication technologies may contribute to social and economic development in developing world, with the special focus on the financial systems.
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