Capitalism as a concept that is alien to Africa traditions have been regarded as a philosophy that engendered inequality and conflict between and among Africans. Scholars like Karl Marx, Kwame Nkrumah, Walter Rodney, Jomo Kenyatta and other Marxism’s subscribers have always stressed the ills and the contradictions that are inherent in the capitalist system and attributing underdevelopment as a by-product of a capitalist system. However, the unprecedented nature of Information Technology (IT) in this 21st century has reformed and cause a paradigm shift in the practices and the interaction of political economy of emerging economy especially the operations of capitalism. While thousands of literature have laid emphasized on Adam Smith’s concepts of the market system and paying little attention to the dynamics of New Technology in the global system vis-à-vis capitalism. Hence, the paper examines new technologies as a means of mitigating underdevelopment and ills of capitalism in Africa and further made salient suggestions how New Technologies can be use to mitigate the ills of capitalist system in emergent economy in Africa. Consequently, in achieving this objective, the paper relies on secondary data such as textbooks, internet materials, etc.