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Economic Development - Essay Example

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Economic Development Economists’ change of approach Yesterdays were the period of economists who were focused on industrialization and urban development. They were of the view that urban development is the sole driving force of an economy. They proposed for subsidies and tax concessions for companies for setting up business in a particular area or region…
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Economic Development
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Download file to see previous pages Therefore, in most developing countries, a wide gap can be seen between the rich and the poor unlike that in the developed nations. This gap widens more as long as rural development is ignored by economists and politicians. But there is a sudden change being experienced in the approach of economists and intellectuals. Those who have merely ignored the rural development in the past are now propagating for its development. Next sections of the essay will analyze the reasons behind ignoring rural development and the sudden change of approach. Reasons for Change of Approach Rural development mainly refers to the role of agriculture for the development of the nation. “Agriculture constitutes the main source of employment of the majority of the world’s poor. In total, the share of agriculture in total employment in developing countries constitutes 53% of the total workforce in 2004. In Sub-Saharan Africa 60% of the economically active population works in the agricultural sector.” (Meijerink & Roza, 2007). This shows that agriculture or rural sector is the back bone of many developing economies. But the increased importance given to the industrialization opened up many industries and reduced the share of agriculture to the overall economic growth. Agriculture gradually became less attractive for the economies. This made the economists and intellectuals to reduce the focus on rural areas. But now economists and governments are seemed to be increasing their focus on rural development especially in developing countries. Some of the disadvantage of urbanization and industrialization helped them for this late realization. The main factors that lead to the change of approach are as follows: 1. Poverty 2. Unbalanced growth 3. Food Security 4. Lack of Infrastructure 5. Rural Marketing Poverty: Increased poverty in the rural area is the main reasons for this change of approach. Poverty is seen as a drawback for the development of a nation. Overall development of an economy is not possible if there is a considerable percentage of poor among the population. Eradicating poverty became the major agenda of many countries. While looking back to the 19th century, economists realized that irrespective of the size of the nation, the sole factor that drove the economy was agriculture. But somewhere with the advent of technologies, countries reduced the focus on agriculture. This is one of the reasons that helped the economists to change their mind. Unbalanced Growth: In most developing countries, there is a wide gap between rich and the poor. Though such countries are recording tremendous economic progress, it could not be categorized as a developed nation when there is an unbalanced growth in the economy. Majority of the population should experience more or less similar growth and living conditions for a balanced growth in the economy. Food Security: Another major reason for the change of approach of the economists is food security. “At its June 2003 summit, the G8 group of countries recognized the need to increase investment in rural and agricultural development to achieve lasting food security. It pledged to reverse the decline in ODA for agriculture and to increase trade opportunities for developing countries.” (Bage, 2004) Food security is now a cause of concern for many countries. As a result of this, countries are increasing their respective funding to the agriculture sector in order to ...Download file to see next pagesRead More
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