Economic Developmen

         

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Economic Development

Introduction
Economic development can be explained as the efforts that are put to improve the quality of life and the economic well-being of a country or community by providing employment opportunities to the residents and retaining the jobs. It also involves the growth of income and the tax base.
Problems Faced by Less Developed Countries
The less developed countries globally face numerous challenges due to the lack of the ability and financial support to make things better in particular countries. Some of the greatest challenges can be explained as follows. The collapsing infrastructure is one of the biggest problems that these countries face. The reason behind this is that many cities in the less developed countries do not have a foundation that is capable of dealing with the massive increase in population (Coale Ansley & Edgar 86). The government also does not have sufficient funds to maintain the facilities. Besides, there is increased traffic on the roads due to the poorly maintained roads. In addition, the water supplied is polluted as inadequate sewerage facilities allow the spread of bacteria that causes harm to the humans consuming it. Water-borne diseases have become one of the leading causes of deaths in the less developed countries.
Another challenge that is facing the less developed nations is the increased level of pollution due to the drive to industrialization which brings inevitable problems mainly because the legislation to protect the environment is rarely enforced in the poorly developed states. The communities also have shanty towns mostly frequented by slums which are inhabited by the immigrants (Barrow 112). Poorly developed housing and services are one of the biggest challenges that these areas face. There are also limited employment opportunities due to the less available resources available, and therefore, fewer businesses are established in the countries.
Efforts Made to Stimulate Development of both Developed and Less Developed Countries
Both the developed and less developed countries struggle to increase economic development as it is the backbone of a prospering nation. Since the World War II, most countries have tried to be economically sustainable by making various efforts in building the country's economy. Globalization has been one of the ways implemented in most states to make the country known in the worldwide market. Through this way in the next fifty years, it will be easier for the products in the country to be recognized globally and also attract foreign investors in the country. Agreements between countries are one of the ways of strengthening economic development in developed and less developed countries (Hanushek 210). For example, a peace treaty between different states makes the two countries unified. Currency unification like the sharing of the euro and the dollar amongst various states has also made the economic development improve in different countries. The crossing of borders and custom registration policies is also another way that has managed to lead to the development of many countries. Foreign currency in and out of the country increases the tax and revenue of the particular state.
The world economy changes at a very rapid rate. On an annual basis, the global economy keeps growing due to the various companies that are established each and every day. The inclination of the internet and technology has also helped in the economic growth of both the developing and less developed nations. The web today unlike in the ancient days is used in many businesses to facilitate operations and broaden the small growing businesses. The fast internet advertisement and selling of products online has played a significant role in the growth of the economy. Companies developed online like Facebook, Amazon, Alibaba and many other related sites have been able to advertise and sell various products to different people globally. In so doing, the economy of the country is developed by being able to trade with different suppliers at a fast rate. The rise in technology has been a primary facilitator of economic development in less developed and developed countries and will also enable the growth of economy in the next fifty years.
The laws that govern a state also play a huge role in the economic development of a country. They can lead to promising future paths for the developed and less developed states through the import and export laws that each state sets. The merchandise and services that a country allows through its borders can determine the growth of the economy at a tremendous level. The export laws also play a significant role in the country's development as it determines the type of products or services that the particular country can export (Lundvall Bengt-_ke et al. 92). The rise of industries is also another factor that will facilitate the growth of economic development in many countries in the next fifty years. Since the World War II, there has been a rise of many industries that have led to the prosperity in the economy of many nations. For example, it boosted performance and financial gain of the clothing, food and transportation industry. These are particular industries that have promoted many countries economically even in the less developed states.
Education development has also supported the economic development of many countries through the establishment of universities, high schools and private institutions that bring in a lot of money to the country as it also allows for global awareness of students from other nations. Education has been at the forefront of economic development for a long time after the war period. Most of the intellectual opportunities and innovative projects have been enabled through the skills acquired in the schools. It, therefore, has played a major role in the elevation of the economy of many poorly developed countries and the developing countries as well. The GDP of a country has also facilitated economic growth through measuring the economic capacity of a country and knowing where the country lies in the global GDP. In so doing, the developing nations can be aware of their rate of economic growth annually and be able to put in much effort to have a higher growth rate. The poor developing countries can also benefit from this as it measures their rate of economic development and reveals where they should put much effort to build and establish better businesses and investment policies. When this measure is followed, in the next fifty years there will be better economic development.
Conflicts and peace agreements also affect the economy of the countries as they allow creating better relationships with the other states. The global awareness and promotion of products gives an opportunity for the state to acquire close friendship ties and also business deals which promote the economic development. In the next fifty years, the less developed countries and the developing countries will be able to relate well with each other and build their resources by working with each other amicably without any conflicts. Therefore, the peace agreements and even the conflicts are necessary for the economic development of the nations globally.
Technological advancement and discoveries of economies globally also broaden the economic development of a state. Technology plays a vital role in the development of many countries today. It is a concept that has enabled the expansion of many companies and also facilitated the growth of resources. Therefore, it is embraced by both the poorly developed and the developed states as it generates a lot of revenue for the country. The use of technology is used in almost all avenues of businesses today and has promoted innovativeness in many communities. The adoption of eco-friendly energy sources instead of relying on oil and other dirty resources that are harmful to the environment is also another effort that can be made to promote economic development. The green concept is an eco-friendly strategy that should be embraced by most states as it reduces the pollution of the environment and also promotes good health in the society. It is evident that preservation of the environment is a necessary factor that should be considered when setting up a business to ensure the safety and well-being of the individuals.
Conclusion
In conclusion, in fifty years, the economic growth of many developing and less developed countries can be guaranteed when the right principles are adhered. It is vital for the countries to consider following the proper protocols when conducting their operations to be successful. It is necessary for the states to also set laws that can protect the citizens and businesses in the country from issues like piracy and competitors. The economic development of a country lies within the state and its citizens and the ability to unite in growing the resources of the country globally.

Works Cited

Barrow, Christopher J. Developing the environment: Problems & management. Routledge, 2014.
Coale, Johnson, and Edgar M. Hoover. Population Growth and Economic Development.
Princeton, New Jersey. Princeton University Press, 2015. Print.
Hanushek, Eric A. "Economic Growth in Developing Countries: The Role of Human Capital." Economics of Education Review 37 (2013): 204-212. Print.
Leigh, Nancey Green, and Edward J. Blakely. Planning Local Economic Development: Theory and Practice. London. SAGE Publications, Incorporated, 2013. Print.
Lundvall, et al. Handbook of Innovation Systems and Developing Countries: Building Domestic Capabilities in a Global Setting. Cheltenham. Edward Elgar Publishing, 2011. Print.