Economic Growth and Development Essay

Introduction: Globalization is the process of global economic and political integration which connects countries with the facilitation of global communications. As technology rapidly developed in the past centuries, trade globalization accelerated. Global trade becomes economically and politically important to all countries. As more and more developing and low-income countries enter into the global integration, there is always an ongoing debate on the relationship between globalization and…

Kuznets Hypothesis of income and inequality in context of Indian growth experience In economics, a Kuznets curve graphs the hypothesis that as an economy develops, market forces first increase and then decrease economic inequality. The hypothesis was first advanced by economist Simon Kuznets in the 1950s and '60s. One explanation of such a progression suggests that early in development, investment opportunities for those who have money multiply, while an influx of cheap rural labour to the…

the demand for growth and deficit has slightly put environmental concerns behind economic gains. The growth driven economic prosperity of countries has lead to academics to question the basis of sustainability and sustainable development which was popularised by the Brundtland 1987 report “Our Common Future”. In the article "Squaring the circle? Some thoughts on the idea of sustainable development", Robinson highlight the concern of the Brundtland report on sustainable development which is…

In my opinion a country can experience economic growth without a rise in standard of living of the people. It is first important to know what GNP, economic growth and standard of living is. They are defined as follows: 1. GNP is the economic performance of a country; it is the total value of all the finished goods and services in a time span of one year by the country’s citizens. 2. Economic growth is the increase in the produce of goods and services per head of the population over a period of…

Credible commitment in India’s economic success In the 1960s and 1970s, the Indian government followed a command-and-control regime that makes an atmosphere of mutual distrust between the political and economic elites, and the government had a strong anti-business attitude (Kohli 2007). With a change of government in 1980 and the return of Indira Gandhi as Prime Minister, the promotion of economic growth became the focus of the government’s economic policy, leading to a growing alliance between…

The concept of sustainable development has become ubiquitous in many aspects of modern society. Most multinational corporations release annual sustainability reports and the word “sustainable” is on stickered onto cereals, water bottles, and even cars. Despite its familiarity, there is little consensus on the term’s true meaning. It means different things to different people at different times, consistently evolving as pertinent to environmental governance at the time, growing from a concept…

The level of urbanization can be defined as the proportion of the total population that is living in urban centers. In India, Tamil Nadu is one of the fastest growing urbanised states compared to the other. Urbanisation is an integral part of the development process and it increases the employment opportunities for people. Because of which more people migrate to urban centres. The Percentage of migration in Tamil Nadu was 24.04 in 1991 census and it has increased to 25.36 in 2001 census.…

The economic condition of the globe can be measured with different indicators which seeks to define the changes which have occurred and determine whether there is a positive or negative trend in the economic growth within various regions. Economic growth around the world is analyzed as per the regions due to the existing regional trading policies and the diversity of economic environments when the key driving factors of economic development are different (Acs, Groot, & Nijkamp, 2013). Many of…

with rich natural resources were unable to experience exponential economic growth as compared to countries with little or no natural resources. In particular, there is limited understanding on the influence of transmission channels of resource abundance on economic growth, especially when it comes to oil wealth. This literature review aims to examine the existing transmission mechanisms between resource abundance and economic growth. It will also evaluate the research methods used. The 4…

expectancy, and low levels of poverty, income inequality, and infant mortality. As World War Two drew to a close, it had become apparent that capitalist policies towards economics, society, and governance had been successful in helping countries achieve development (Thompson). These policies draw from the modernization theory of development, which, although has led to some successes, has failed too, as in the case of the construction of the Belo Monte Dam in Brazil. The theory…