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…
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
Cite this document
(“Economic Development Essay Example | Topics and Well Written Essays - 3500 words”, n.d.)
Retrieved de https://studentshare.org/macro-microeconomics/1392676-economic-development
(Economic Development Essay Example | Topics and Well Written Essays - 3500 Words)
“Economic Development Essay Example | Topics and Well Written Essays - 3500 Words”, n.d. https://studentshare.org/macro-microeconomics/1392676-economic-development.
These groups tend to stay in their areas of origin despite the changes in Congo’s living standards. The Bakongo is the largest group in the country and they are mainly seen across the southwest Brazzaville area whereas the Teke group lives in north of Brazzaville, and it mainly represents hunters and fishermen.
These targets include price stability, controlling unemployment, achieving high levels of economic growth and making sure that the economy is in the state of balance in terms of international trade and balance of payment. If an economy grows in the all of the above said facets, that one can assume that the economy is developing.
The economic state of an area is said to be high when the area enjoys aspects such as continuous supply of clean water; constant supply of affordable electric power; quick and effective response to fire break outs; high quality medical services; high quality learning facilities at all levels of education; constant supply of affordable food stuffs; high quality transport services; affordable and reliable means of communication; availability of job opportunities; clean environment with fresh breath among others.
Each question should be only two to three typed pages, times new roman, twelve point font and at one and a half spacing. Part One: Compulsory Question 1. With reference to your team’s group of countries identify and discuss key features of inequality in developing countries.
According to the paper China’s economic reforms started in the late 70’s and 80s with the focus on collectivizing the country’s agricultural activities. Chinese leader during this period attempted to transfer the heart of agriculture from traditional farming to household activities. These reforms extended to price liberalization, in a more gradual way. It became followed by fiscal decentralization.
er than the common focus on income and wealth, or on mental satisfaction or processes, Amartya Sen suggests a focus on what he calls capabilities - substantive human freedoms. And he argues for a broad view of freedom, one that encompasses both processes and opportunities, and
The concept might also be recognized as the qualitative as well as quantitative alterations taking place within an economy. These processes widely comprise of various aspects concerning regional competitiveness, social advancement, literacy rate, infrastructural developments and numerous other initiatives.
As mentioned above, economic development focuses on improvements of certain indicators such as literacy levels. In short, economic development aims at having a sound local economy that attracts investment, creates employment