Economic Growth and Development Essay

The traditional approach to development of the predominantly rural and small town communities surrounding public lands has been the promotion of commodity-based development rooted in economic base theory (Harris et al., 2003). According to this model, external demand for commercially valuable commodities produced locally drives economic growth. In the nonmetropolitan, historically, the export-based economies have been based on extractive and manufacturing industries (Rudzitis and Johnson, 2000).…

Department, “Research indicates that a sound fiscal position is key to achieving macroeconomic stability, which is increasingly recognized as a critical ingredient for sustained growth and poverty reduction.” Fiscal responsibility can also mobilize domestic savings, increase the efficiency of resource allocation, and help meet development goals. The IFAD goes on to say, “As private sector savings are often low in developing (especially low-income) countries, fiscal policy can play a central role…

In this essay I will compare and contrast modernization theory, import substitution, and neoliberal economic theory and their approach for helping developing states grow economically. Modernization theory, created in the 1950’s, argues that countries simply need to follow the path that the already wealthy states followed, and they too will become rich. In other words, less developed countries should embrace Western ideas that individualism is important to a functioning society…

Sachs’s paper in 2001, which attempts to project global economic trends over the next 50 years.17 It was anticipated that the emerging economies of the BRICs collectively would overtake the G6 (the US, Japan, the UK, Germany, France, and Italy) as a major force in the global economy in less than 40 years. The actual economic performance of the BRICs seems to supports the predictions. Economic liberalization made the BRICs achieved a rapid growth over the last decade. Via trade and investment,…

Over the past few decades, many people believe that we have been living in a unipolar system, with United State as the central domination. However, entering the twenty first century, China has stand up with strong economic development to be a new polar of super power. As Chinese market going strong, many believe that the Western era will soon be over. Following the rise of China’s economy and its behavior towards regional power, many arguments rise on whether China will rise peacefully or not.…

environments is paramount to the realization of the role of the minorities in any democratic dispensation. Furthermore, it is also important that the growth and empowerment of the marginalized is safeguarded for the overall development of particular communities. Capacity building is necessary for such endeavors for it is only important to note that development should be looked at from a holistic…

In the interview “Can China’s Model of State-Led Economic Development Pick Life Science Winners?” by Claire Topal, Dr. Joseph Wong discusses the potential positive and negative elements of Chinas state-led economic development model through the progression of the domestic life sciences sector. To illustrate Wong 's analysis on China 's economic development it is imperative that the differences between state-led and market led development approaches are defined. According the textbook Comparative…

Market-oriented theory is based on the economic development and people making their own economic decisions. Dependency theories are based on the economic development and the countries exploitations of the wealthier countries. The Market- Oriented theory believes that unrestricted capitalism will lead to economic growth. They think that government should not dictate what they should produce or what it should cost to buy the…

or its population. Aid can be economic, military, or emergency humanitarian (Williams 2015). Aid has long been recognized as crucial to help poor developing nations grow out of poverty. Peace and war has the significant effect of distribution of foreign aid in the developing countries. The distribution of foreign aids is effected in several factors which are based on the relations amongst the countries, military power, strategic natural resources, chances of development, diplomat ties and…

many countries in East Asia, it is possible through investment to increase economic growth to a higher equilibrium leading to a break from the bad cycle. The problem is however that many private investors have no incentives to invest in these underdeveloped countries as they have many imperfections, which could lead to them receiving little or no returns, countries which receive little investment see little economic development. There is no universal policy which can eradicate…