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Economic Development - Essay Example

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Instructor Name: Economic Development The subject of economic development is very vast as it covers all aspects that count in economic growth of a state. No doubt the economy plays a role of back bone in any country’s sustainability & infrastructure…
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Economic Development Essay
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Economic Development

Download file to see previous pages... Less than half a century ago, many underdeveloped countries like Hong Kong, South Korea and Singapore which were amongst poor nations of the world; have made a rapid growth, flourished & now they are amongst the wealthiest nations of the world. This is all due to some economic reforms their governments have implemented in order to make their country a prosperous one. Any developed nation like US, China, UK, Japan, Germany etc have such policy makers who focus on every possible ways to get strong economically. They focus on every aspect that can add up sustainability in economy; like health, infrastructure, literacy & education, living standards, productivity etc. All these factors combine to form a solid economy & a successful nation (Why economies grow? 2001). No doubt every nation wants that its economy should get stable & strong, but everyone is not like Chinese people who struggled very hard to achieve their goals & made a bench-mark in economical development. India is also one of the developing nations. More than 50% of Indians are poor, but their economy is getting stronger day by day. How is this all happening anyway? The answer is that more than half a population of Indians is suffering & sacrificing for their country. People such as Indians who are mostly related with agricultural sector suffer the most, as this sector receives the least income when the foreign investment is being made in cosmopolitan cities. The infrastructure is being rebuilt, the literacy level is increased in cities & there are more job openings in big cities as compared to the villages. Most labor comes from the backward areas because there are very less opportunities in their own surroundings. Hence the labor force in villages decrease & ultimately this sector fully vanishes. On the other hand, when the economy of any country gets strong enough, then it makes such imports which fulfill the needs of agriculture in country. For example, the geography of US does not permit to have a large agriculture sector, but it imports all such things without burdening the economy or tightening taxes on the public. So every 3rd world country’s citizen should make sacrifices like those made by Indians, in order to make their country economically stable. At this time, India is highly suffering from the Kuznets factors; there is so much economic inequality in the society as the country is developing, but when India would be in the list of fully developed nations, this inequality will decrease when a certain amount of average income will be achieved (Madrick. 2002, Definition of Kuznets curve. 2011). The exchange of goods & the services provided to the people by suppliers make basic infrastructure of a country’s economy. Any country is said to be developed if the demand & supply chain of that country show that there is more supply of goods than demanded by the market. Many factors count in this regard, the natural resources & their extraction according to the geography, manufacturing, distribution, consumption, exchange medium etc. All these factors set the constraints & parameters in which the economy of any country works & may or may not flourish. All activities happening in a country also account for its economic growth. The occupations, education, business & investments are the basic pillars upon which the economy stands. So if any country wants to be flourished economically, it should follow the examples set by the pioneers. ...Download file to see next pagesRead More
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