Complimentarities Between Agriculture and Industry
This essay aims to discuss the complementarities between the agricultural and industrial sectors in the process of economic development of Less Developed Countries (LDCs) like Zambia. To achieve this aim, an exposition of the role of agriculture and industry will be put forward based on some of the theoretical assumptions of Sir Arthur Lewis’ dual economy model and Albert Hirschman’s conceptualization of the inter-sectoral relationships. Relevant examples and definitions will be presented as a way of generating more understanding of the topic at hand. A summary will then be drawn from the discussion.
To begin with, economic development is a multidimensional concept that has attracted a plethora of definitions. For Goulet (2006), its core components include life-sustenance, self-esteem and freedom; for Sen (1999) it means the expansion of entitlements and capabilities, and for other scholars like Todaro and Smith (2008) it refers to guaranteed access to the basic needs of life. For Moore (1965), it entails the establishment or overhauling of fiscal, financial and fiduciary mechanisms. It generally also involves institutional changes in the precise sense of alterations in the management of production and distribution, and changes in location, definition, and motivation of economic activities.
Least Developed Countries or LDCs represent the poorest and weakest segment of the international community. They comprise more than 880 million people (about 12 per cent of world population), but account for less than 2 percent of world GDP and about 1 percent of global trade in goods (http://www.unohrlls.org/en/ldc/25/).
Their low level of socio-economic development is characterized by weak human and institutional capacities, low and unequally distributed income and scarcity of domestic financial resources. They often suffer from governance crisis, political instability and, in some cases, internal and external conflicts. Their largely agrarian economies are affected
To begin with, economic development is a multidimensional concept that has attracted a plethora of definitions. For Goulet (2006), its core components include life-sustenance, self-esteem and freedom; for Sen (1999) it means the expansion of entitlements and capabilities, and for other scholars like Todaro and Smith (2008) it refers to guaranteed access to the basic needs of life. For Moore (1965), it entails the establishment or overhauling of fiscal, financial and fiduciary mechanisms. It generally also involves institutional changes in the precise sense of alterations in the management of production and distribution, and changes in location, definition, and motivation of economic activities.
Least Developed Countries or LDCs represent the poorest and weakest segment of the international community. They comprise more than 880 million people (about 12 per cent of world population), but account for less than 2 percent of world GDP and about 1 percent of global trade in goods (http://www.unohrlls.org/en/ldc/25/).
Their low level of socio-economic development is characterized by weak human and institutional capacities, low and unequally distributed income and scarcity of domestic financial resources. They often suffer from governance crisis, political instability and, in some cases, internal and external conflicts. Their largely agrarian economies are affected
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