preview

Disadvantages Of Development

Better Essays
Development is a broad concept that includes social, economic, political and human aspects. Human development consists of the foundation on which the first three aspects .According to Burkey (1993: 38), economic and political development should be translated into social development. As development is a broad concept, it has been extensively explored with a view to realize that economic growth and social development. However, the emphasis moved from industrial and economic development as the factors that determine societal transformations. Economic growth may bring material gain to the people, but development is about enrichment of the lives of the people in the society Edwards (1993:80) this means that development is much more important to a country than economic growth only because when people are not empowered and developed it takes us back to the theory of development which explains that empowerment and…show more content…
In addition, the policies have been criticized in terms of their effectiveness in meeting the narrow objectives set by the IMF. Under half those accepting IMF loans achieve their balance of payments and inflation objectives, and only one-fifth achieve their growth targets, Hodd (1987:336) This assessment of the financial institutions shows that they do assist in Africa with their balance of payments at that time but in the long run it causes debts for the African states as they will have to pay the loan bank with interest. When the loan is paid with interest, it draws back the states and this means that they will be focusing on paying the IMF loan instead of developing their countries and the problem is that the payment period for this loan is very short which puts pressure for the states to pay back the
Get Access