Though today, every country has their own political system of administration and has the independence, when it comes to international aspects, the role of effective cooperation of countries is important. Also, each country is endowed with a kind of resources, unlike other countries. For instance, Japan is known for their high-quality technology, while emerging countries face severe want of such technology. To extend aid to the countries that are looking for it, effective international administration is important. It is here that international e-governance assumes a significant role.
To get optimal results from business activities, it is important a sound legal system exists to address the grievances of the affected parties. For example, when a trade dispute happens between two countries, the countries need to refer it to the Disputes Settlement Body of World Trade Organization (WTO) to get the issue resolved without causing much loss to either party.
The institutional framework of a country is important to make fast economic growth. The political framework practices determine the pace of economic growth and development.
Traditionally, technology is the application of scientific knowledge in the fields of industry. Technology played a fundamental role in making countries known as developed economies. Half a century ago, they all were underdeveloped but with innovative use of technology they reached the modern level. All this happened because of technology by leveraging their existing resources.