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Economic Development

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Economic Development

Development is one of the significant pillars of growth in a nation mainly because it brings about
improved living standards and enhanced employment opportunities, among others. However, this fast
pace of development has its problems, mostly concerning the values of society and culture. As much as
Nations continue to push hard for the attainment of economic growth to enhance living standards for
people, there has been endless controversy regarding the merits and demerits of economic growth. This
essay will examine the pros and cons of economic developmentalism before the author considers
whether or not the pry outweighs the cons.

The Advantages of Economic Development

Improved Living Standards

There is a long list of observable factors attributed directly to enhanced economic development,
and they are all associated with better quality of existence in society and among populations. First,
improving life is one of economic development's most apparent outcomes: enhancing living standards.
The other criterion is the average income, which tends to increase as a nation's economy develops. On
the same note, higher income means people can get better houses, health care, education, and other
necessities. Therefore, there are indicators to evaluate the quality of life, and people can receive a high
quality of life. For instance, the Singapore and South Korean populace's general quality of life has
sharply enhanced due to their governments' high economic growth rates. In such countries, people can
enjoy new physical comforts, good healthcare facilities, and a sound and steady economy to live a
standard of living (Kanchoochat, 2019).

Job Creation and Economic Stability

When an economy develops, it creates room for new businesses and industries; hence, people
are employed. it indicates that an expanding economy attracts more investment from domestic and
international investors, thus creating employment for the personnel (Dao et al., 2023). Employment is
not just a source of income for people, but it also combats unemployment and poverty, which
contribute to the stability of society. As noted earlier, due to economic development policies, countries
like China and India have provided many employment opportunities (Yunker, 2024). It means these
nations have assisted millions of people in graduating out of poverty by offering employment in several
sectors like information technology, industrial products, and service sectors.

Technological Advancements

Technological advancement is sometimes a result of economic growth. When organizations

expand and competition becomes stiffer, there is a focus on innovation and development (ID) of better
goods and services. This technological advancement results in improved standards, enhanced goods,
and sub-sequence development. For instance, technological advancement and growth within the United
States' tech industries have triggered considerable change within the communication, healthcare, and
transport industries (Stoumpos et al., 2023). Society can experience the benefits of this technology
worldwide, enhancing productivity and convenience in our daily lives.

Improved Infrastructure and Public Services

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With improved economic standards, governments can allocate more money to enhance
infrastructure and, most importantly, public utilities. Better transport facilities such as roads, railways,
and airports are useful to businesses and other people in their everyday lives. Internet and mobile
networks unite people and companies, thus making society more connected through
telecommunication advancement. Also, through a growing economy, the government can expand other
public amenities such as health, education, and social security services. This can create better health and
education standards and better delivery of services to the people of the country.

The Disadvantages of Economic Development

Loss of Social Values and Cultural Identity

However, economic development has various advantages that are associated with its various
disadvantages. These can experience negative effects that may be cumulative, and which erode the
basis of society and the environment. For example, economic development at a fast pace results in a
change in social values. When aging is pronounced, the traditions of a society may disappear or they are
replaced by modern ones, typical for Western countries (Brodowicz, 2024)). This may result in cases like
the movie when people leave the 'traditional' ways behind, wanting to embrace the 'new' modern life.
For instance, urbanization has become increasingly intense in many developing countries over the
recent decades, and 'modernization' has caused the erosion of rural culture and the traditional family
model (Brodowicz, 2024). Sometimes, the youth generation does not care about the cultural history and
chooses material success instead, which leads to losing their roots.

Income distribution and social differences

As a positive impact, economic development leads to improvement of the economic revenues of

the nation, although it can worsen income disparity. The advantages of economic growth are not always
exclusive to each society member. To some extent, the superordinate only gains more power, and the
subordinate remains socially excluded, causing social stratification to widen. In countries ranging from
Brazil and South Africa, for instance, economic development tends to cause an increase in the number
of people who own large amounts of wealth as opposed to others (Mdingi & Ho, 2021). When some
industries grow, for example, the financial or IT industries, others, like farming or physical work, may not
grow at the same rate.

Environmental Degradation

The economic development process is a trade-off for environmental conservation. While

searching for ways to grow their economy, nations may neglect the environmental consequences and
how they extract raw materials. Pollution of water and air, deforestation, and exhaustion of natural
resources are usually repercussions of industrialization and urbanization. For example, intensified
industrialization in China results in serious air problems, construction of larger-scale agricultural
activities in nations like Indonesia results in a considerable extent of deforestation (Maizland, 2021).
Some of these environmental issues affect the ecology of the environment and pose health hazards
among the citizens especially the urban dwellers.

Social Disintegration and Urbanization

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Since economic development is associated with urbanization, there is social disintegration.

Many problems arise due to overcrowding, bad housing, and the absence of social facilities in big,
growing cities, such as social vices, depression, and even weakened social bonds. This progress has
expanded city populations; Mexico City and Mumbai are some of the cities that have seen their
populations skyrocket. However, these cities are well endowed with modern infrastructure and service
facilities; they are also characterized by challenges like slum development, unemployment, and social
unrest (World Resources Institute, 2020). All these problems put pressure on governmental
expenditures, leading to the deterioration of human standards in many countries.

Do the Advantages Outweigh the Disadvantages?

This paper concludes that whether economic development benefits are worth the costs all boils
down to the ratio between growth and its effects. Hence, while undoubtedly economic development has
a truck full of advantages for societies, including but not limited to enhanced standards of living,
employment opportunities, and technological advancement, several drawbacks associated with
economic development draw negative impacts on societal norms, increased rate of inequality, and
environmental degradation should be considered.

It is therefore important to note that most of the misfortune associated with economic
development can indeed be delayed or even prevented by smart, sustainable policies. Governments and
organizations all over the world need to ensure that sustainable economic development is achieved. Of
course, through investment in education, healthcare, and social security, it is possible to avert the social
vices that normally tend to grow. In addition, educating the public about green technology and
encouraging people to adopt more friendly practices for the natural environment will compensate for
the losses, bearing in mind that development has been cited to have negative effects on the
environment. However, the benefits associated with economic development can overwhelm the costs if
countries pay emphasis on policies that ensure economic growth for mutual benefits, human equality,
and cultural values. It means that the development model that implies economic growth and social and
environmental factors will improve the living conditions for each citizen.

Conclusion

In conclusion, it is important to note that, on the one hand, economic development has multiple
obvious and tangible benefits, such as the reinforcement of the population's well-being, employment
opportunities, and advancement in technology; on the other hand, it is accompanied by the negative
impacts like declining social norms, inequality, and destruction of the environment. Thus, whether the
advantages of growth outweigh the disadvantages can only be answered by how well societies contain
the aftermaths of growth. That is why if the stated and other policies are adopted to make economic
growth more inclusive and sustainable, the benefits of development can significantly outweigh its
drawbacks, which will contribute to creating a prosperous society free from social contradictions.
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References

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heritage. aithor.com. https://aithor.com/essay-examples/the-impact-of-

globalization-on-traditional-ways-of-living-and-cultural-heritage

Dao, T. B., Khuc, V. Q., Dong, M. C., & Cao, T. L. (2023). How does foreign direct investment drive

employment growth in Vietnam’s formal economy? Economies, 11(11),

266. https://doi.org/10.3390/economies11110266

Kanchoochat, V. (2019). Tigers at critical junctures: How South Korea, Taiwan, and Singapore survived

growth-led conflicts. Emerging-Economy State and International Policy Studies, 47-

68. https://doi.org/10.1007/978-981-13-2904-3_3

Maizland L. (2021, May 18). China’s fight against climate change and environmental degradation.

Council on Foreign Relations. https://www.cfr.org/backgrounder/china-climate-

change-policies-environmental-degradation

Mdingi, K., & Ho, S. (2021). Literature review on income inequality and economic growth. MethodsX, 8,

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World Resources Institute. (2020). Seven transformations for more equitable and sustainable

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Yunker, J. A. (2024). Economic growth in China and India: The potential role of population. World

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