The Economic Growth And Development

As a product of colonization, the limited industrial development in the colonized area is a global issue. Because the widening gap between the rich and the poor between developing and developed countries, is the root reason of most of the contradictions and conflicts between countries in the contemporary world. And different level of industrialization caused the widening gap. So we can say the limited industrial development caused by colonialism is a real issue behind many current contradictions and conflicts. In order to reduce these conflicts and narrow the gap, the colonized countries should make a breakthrough on its limited industrialization by focusing on its own features-- resources and structures, and taking effective measures-- impoting foreign capital and technology and establishing independent or joint scientific research and ventures, to gain a long-term economic growth. For the relation between the colonization and the limited industrialization in colony, there are usually two views. One view is that people blame the colonizer were not willing to promote the development of industry in the colony. The other view is that people emphasize it was hard for the colonized to start the process of industrialization in the colony. In my opinion, both of the views are reasonable, but neither of them is comprehensive. In order to demonstrate my opinion on the relation, I choose British India and the Belgian Congo as two objects to analysis in the following paragraphs

10) Urbanization in the less developed countries has much been the result of demographic growth that rather than economic development like in developed countries. The demographic trend of rapid declines in death rates compared to birth rates has generated large increases in population. A Lot of the urbanization of developing country populations is due to rural-urban migration. The decision to migrate mainly involves 'push and pull factors '. Push factors such as bad economic, political, and environmental circumstances force migrants out of rural areas. Pull factors may include a desire for employment and the idea of better access to schools, health clinics, piped water and other facilities that are not widely available in rural regions.’ which attract migrants to urban areas. Displacement, political circumstances and war-related conflicts have also led migrates to urban areas. The disproportionate number of youth in these migrations bring forth another component of urban growth, natural increase. Natural increase refers to a rise in population because the birth rates are higher than the death rates. Natural increase accounts for about 60 percent of urban population growth in less developed countries. Natural increase gives indications on how fast populations development while showing growth tendencies. The natural increase is found by subtracting deaths from births and dividing the result by number of the total population. The correlation between urban growth and high

Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of

Throughout history since the birth of Civilizations such as Egypt or the Roman empire, economics have played a vital role in assessing the strength and global dominance of a Nation over its adversaries. The components which make up a nation’s economy vary from one another as certain countries are geographically located to resources which make for a better economic source as well as the strength of a countries coastal structure. America a relatively new nation in the perspective of civilizations has the strongest economy ever in recorded history due in large part to the nation 's ability to produce products at a high level and export them to needy consumers. Found in the same hemisphere, Brazil the largest country found in South America is trying to distinguish itself as relatively dominate world power in a continually globalized world. One-way Brazil proposes to achieve this goal is by demonstrating the ability to construct a massive sustainable economy built upon exports, which could rival that of any major global power. The Brazilian economy asserted itself with a particularly high level of dominance in the late 1600 through 1700’s as an area of substantial agricultural production and exports with the most financial successful product being sugar cane. Despite great success early on in the country 's globalized economy the nation’s economic stability faced a major pitfall in the fact that the economy was highly dependent on one crop or product which made Brazil a boom or

Equilibrium price is the price at which the quantity demanded in the market by consumers balances with the quantity supplied in the market by the suppliers (Gillespie 2007). Apparently, there are a range of factors that determines a specific commodity’s supply and demand at the market place. Consequently, changes in these factors influences the shifts in the equilibrium price of that commodity (Sloman, 2007, p. 51-182). For instance, assuming the supply of a commodity is invariable, if there is a positive change in buyers’ income sources causing its increment or if tastes as well as preferences of the consumers shift in regard to the particular commodity under consideration. In essence, the effect

Economic Development is extremely important in First Nation’s communities as it is necessary for the development of First Nations economy and helps the community members as a whole. Economic development begins with a strong relationship between community members. Indigenous worldview and the Western worldviews are incredibly different. This may lead to a shaky relationship between First Nations people and the Westernized economy. First Nation’s leadership is important and Indigenous run businesses would be a great way of fueling the economy. This can be done through with the proper on-reserve courses and education needed. Partnering with Westernized companies and organizations will only successfully work if they are willing to look at the Indigenous worldview and understand and also incorporate these views into their organizations/companies.

The growth of an economy and society is related to a country becoming westernized. It is largely known that developed countries are prone to individualism and its effects, however a society that is collectivistic or largely based on communities can be predisposed to individualism and its harmful effects. Countries that are formerly collectivist are shifting to individualism which leads to the rise of suicide rates. As more countries take on Western ideals and values such as materialism and greed due to globalization, individualism becomes prevalent which then can cause the collapse of communities and dangerously high rates of suicide.

Higher incomes, lower unemployment, decreased government borrowing, increased investment, and improved standard of living, generally accompany economic growth. Developing countries strive to foster effective strategies that will allow them to achieve economic growth. South Korea has been known as the model for economic growth. They transformed themselves from an underdeveloped country to one of the world’s most thriving economies. Many countries have tried to imitate the South Korean model as a means of having rapid growth. This paper will show, that a good base for economic growth can be formed through an export oriented led strategy, an improvement in the labor force, and slight involvement by the government.

Education is the key to global economic growth and prosperity. For any educational institution to compete in the global market, it must invest in higher education in a manner that is productive, accountable and reactive to the contemporary needs of its population. Over the past decade, institutions of higher learning have experience a significant paradigm shift of the role of information technology. It has evolved from being solely a support function to becoming a leader in innovation for these institutions. This has allowed many to perform a system wide alignment of information technology with the institution’s larger vision and mission through developing a technology strategy.

Since the 1990s, the world economy has undergone profound historical changes that focus is reflected in the global economy as a whole, has never been a time like this, the economic development of all countries closely together to form the world economy integration, both in developed and developing countries, or countries with economies in transition, businesses dependent on the world economy is growing, the development of the world economy, is an inevitable result. Economic integration in the world system is highly dependent on individual enterprises, whether a country or a change in the enterprise, will cause a corresponding change in other sectors, resulting directly or indirectly. In every enterprise, it is possible to break through their limitations in the national market size and resource allocation, and a place in the fierce international competition, so that the world economic integration has become the first international development of the power companies

Thomas Malthus in his published book “An Essay on the Principle of Population” claimed that there is a tendency for the population growth rate to surpass the production growth rate because population increases at a geometrical rate while production increases at an arithmetic rate. Thus, the unfettered population growth in a country could plunge it into acute poverty. However, the pessimist view has proven unfounded for developed economies in that they managed to achieve a high level of economic growth and thus, both population and the real gross domestic product (GDP) per capita were able to increase.

Economic growth and development of a economy is demonstrated to have links with educational level of its labour forces in human capital theories (Uzawa 1965; lucas 1988). These theories have contended that a major source of growth and development is embodied skills and development, and advances in technological production. Subsequently, wealth accumulation and its progress is determined by quantum of the human capital which is primarily acquired from formal education systems especially, higher education. Higher education plays an important role in the accumulation of human capital among the labour forces (Lucas 1988). More educated labour force is more skilled, more adaptable to the needs of changing economy and mare likely to develop the imaginative ideas, techniques and products. Any Structural change in the higher education sector is likely to affect the process of human capital formation. Many countries around a world are witnessing a wave of commercialization of higher education. The commercialization has brought structural change in the way this sector is administered in general and also the labour market associated with this sector, called academic labour market. The process of commercialization has segmented the academic labour market into primary and secondary labour markets. The secondary market is largely an informal labor market in which private interest is the prime driver. The magnitude of secondary market has been expanding with the expansion of

The relationship between economic growth and its determinants has been examined extensively. One important issue is whether population leads to employment changes or employment leads to population changes (do ‘jobs follow people’ or ‘people follow jobs’?) To explain this interdependence between household residential choices and firm location choices, a simultaneous equations model was initially developed by Carlino and Mills (1987). This modeling framework has also been applied in various studies to investigate the interdependence between migration and employment growth or migration, employment growth, and income jointly determined by regional variables such as natural amenities (Clark and Murphy, 1996; Deller, 2001; Waltert et al., 2011), public land policy (Duffy-Deno, 1997, 1998; Eichman et al., 2010; Lewis et al., 2002, Lewis et al., 2003; Lundgren, 2009), and land development (Carruthers and Mulligan, 2007).

According to Balami (2006) In the long run, the rate of growth of (per capita) GDP is determined by population growth and the rate of technical progress. Higher investment can speed up growth temporarily, but as the capital-output ratio rises, an increased proportion of GDP needs to be invested to equip the increasing labour force, and the capital-output ratio converges towards a finite limit, however high a proportion of GDP is invested. Low investment slows down growth, but the capital-output ratio falls towards a lower limit which is always positive for positive investment.

Public Expenditure/Public Spending can be defined as any expenses made by government particularly to improve certain areas and discipline. For instance, improving public goods and services, welfare and well-being of the people, government defense forces and civil servants, maintaining our economic stability, reducing inequality of income and reallocation of resources.