It may sound simple, but one must remember that in a globalised economy, growth does not happen in isolation. Events in one country and region can have a significant effect on growth prospects in another country. This has…
We must ensure that the global market is embedded in broadly shared values and practices that reflect global social needs, and that all the world’s people share the benefits of globalization (Kofi Annan 2001). Upon viewing this quote from the Noble Prize Laureate, Kofi Annan, it became clear that prior to reading the extensive literature on world development, this author along with the vast majority of people in the world had bought into the false hopes and propaganda presented by multinational institutions on the benefits of development and by extension globalization. The picture painted seemed enticing yet as one searches deeper, the true meaning, the conditionality and the true cost of globalization is realised. The literature has evoked ambivalent feelings which are overpowered by a sense of paralysis to effectively confront future challenges and shape development on a personal as well as national level. At the heart of the statement presented by Mc Michael (2001) which reads: “The globalization project (1970s – 2000s), liberalizing trade and investments, and privatizing public goods and services, has privileged corporate rights over social contracts and redefined development as a private undertaking” is an issue of economics, through which, the development project has been repackaged and rebranded into the contemporary word; globalization. The following pages shall…
High Growth India appears to have acquired a ravenous appetite for growth that shows no signs of abating. A GDP growth of 9.4 percent in 2006-07 makes it the second successive year of 9 per cent plus growth. The country's GDP crossed the billion-dollar mark for the first time ever in April 2007, and India now finds itself in an elite club of trillion dollar nations.…
Growth is the all consuming objective in today’s economic system. Whether a capitalist nation such as the US and most of Europe, state-capitalists like China and Russia; the one unifying goal that links this global economic system is the idea and pursuit of continued growth.…
In India, the economy has emerged with remarkable rapidity IURP WKH VORZGRZQ FDXVHG E\ WKH JOREDO ÀQDQFLDO FULVLV *URZWK in 2010-11 as per the Advance Estimates released in January 2011 is estimated at 8.6%. Rebound in agriculture and continued momentum in manufacturing, despite the deceleration in services, helped to drive the economy. The slight slowdown in industrial 2…
Social inclusion can be defined as a concept where everyone in society or in a community feels valued, their beliefs and culture are respected, people with disabilities are treated with dignity and given the opportunity to contribute to their respective community. Social inclusion also involves ensuring people’s basic needs are being met, all people have equal opportunities to gain employment, everyone is able to access educational opportunities and are able to find safe and affordable living accommodations.…
On an average the Indian economy has displayed a growth rate of more than 7% since 1997 decreasing poverty by ten percentage points. India is considered as one of the fastest growing economies in the world with an astounding growth rate of 8.5% in the year 2010. But for many Indians this growth has made no difference at all and failed to translate into any real gains.…
The ongoing economic revival has kicked Indias pace of growth. Its economy is the driving force for its success. In the…
World Bank, Collier P., & Dollar D. (2002). Globalization, Growth, and Poverty: building an inclusive world economy. New York: Oxford University Press.…
Economics plays a major role in the development process. Regarding development, to increase in the levels of living of people is a major aspect. Referring to Todaro, life sustenance means to the ability to provide basic necessities. All people have certain basic needs without which life would be impossible. (Todaro, 1981) This means to raise people’s level of livings, their incomes and consumption levels of food, medical services, education etc., through economic growth processes . Economic growth refers to a rise in national or per capita income and product. If the production of goods and services in a country rises, by whatever means, one can speak of that rise as economic growth. (Economic Development Glossary 2003) Todaro claims that economic growth is a necessary condition to improve the quality of life. The World Trade Organization (WTO) also argues that growth of trade between countries may increase the wealth of everyone. ( World Trade Organization 2002) Globalization has helped to lessen the problem of poverty in a large number of developing countries which allows those countries to…
”Decentralization has kept its promise as far as the strengthening of democracy at the national…
The eleventh five- year plan, which has identified Inclusive growth as the overreaching objective .seeks substantially empower and use PRIs as the primary means of the delivery of essential services that are critical to inclusive growth. For the success of any democracy-decentralized government is a must and for that the Panchayati Raj Institutions is the best example.…
Rodrik, D. (2000), ‘Institutions for High-Quality Growth: What they are and how to acquire them’, Studies in Comparative International Development, Vol.35, No.3, pp. 3-31.…
There are many elements for a nation to consider in pursuing inclusive development. A vital one is how to create productive and gainful employment. This should be paired with effective and efficient social safety nets to protect those who cannot work or who earn too little. To reach the Millennium Development Goals (MDGs), many developing countries will also need to enhance public services by building schools and hospitals, training teachers and doctors, and providing access to water, sanitation and transportation, all of which requires public spending. Well-designed fiscal policies - the way a government collects and spends public resources - can play a major role in stimulating growth and reducing poverty.…
strategies that policy makers should consider in order to underpin the ongoing development and growth of…