Tom Evslin talks about how US can benefit from innovation happening elsewhere because of globalization:
Globalization isn’t an option; it’s a necessity. The poor need to become unpoor. As they do, they will consume more resources. As other economies grow, a greater percentage of innovation will take place outside the United States. Surviving and thriving on a globe which we do not dominate means learning to benefit ourselves from innovation elsewhere.
Link: Fractals of Change: Globalization and Innovation.
This is a very interesting point! Till now developing countries have piggybacked on US and western innovations. It is time for western and US to be at the receiving end for a change. Note that such benefits are apart from the expected direct benefits of exchange, or increase in the efficiency because of trade. This benefit is because of the positive externalities that flows from increased availability of commoditized technology and know-how in the public domain.