Analysis Of Belizean Development : An, Institutional, Nightmare, And Economic Development

980 Words Oct 2nd, 2016 4 Pages
Belizean Development: An “institutional” nightmare
“Development” and “economic well being” have traditionally been used interchangeably to portray a country that is progressing significantly. Any society can develop, but it is the sustainability of it that will prove if it is being done correctly. “Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs”(Our Common Future, 1987). The concept of sustainability has led to the creation of models, which give us a holistic understanding, in analyzing and interpreting the interrelatedness of the pillars that exist within any society.(Sustainable Development: An Introduction, 2007). However, these models have continuously omitted the importance of the “institution” in achieving the goal of sustainable development. “Institutions are the formal laws and informal norms that constrain and shape economic decisions”.(Bernardo Mueller,2001). This highlights the close link and interconnectivity between all pillars. The introduction of the Prism Model, as a tool in understanding sustainable development, has changed that notion and allowed economies to bridge the gap between the institution and the other pillars of the economy, environment and society (social). This development will face challenges and for this to occur successfully a society has to create and implement the proper measures necessary. This list of challenges may be exhaustive;…

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