It is undisputable that economic progress involves painful adjustments especially with respect to concepts that are considered to be classical. Most of the classical concepts are replaced by contemporary concepts in a bid to attaining economic progress. For instance, old social institutions are disintegrated to form new ones while persons unable to keep to the pace must adjust to the specific requirements of economic progress.
Economic progress aims at making the contemporary world and environment more favorable hence the need to get rid of the various classical concepts, ideologies, and institutions that never assisted in attaining the objective. However, most nations or economies find it difficult to enjoy benefits of economic progress since there are many communities unwilling to pay the full price of economic progress.
Notably, the problems experienced after the World War II made many nations to wake up in a bid to carrying out specific developments in line with economic progress. This was as a result of the increased poverty during the period. Many nations after World War II became curious of the causes and possible techniques of alleviating poverty thus leading to economic progress or development.
Development of a nation to achieve economic progress requires adherence to certain basic rules of statement defining various systems of attaining the same. Such systems should define the categories and relationships existing between various concepts of development in order to aid the economic progress process.
For instance, the systems should be able to define hegemonic view of the world in terms of development consequently arousing various players in the global arena to take part in economic progress. It is noteworthy that all stakeholders taking part in economic progress should have the ability to allow for transformation in economic, social, and cultural aspects of nations or economies.
One main cultural force that has shaped significantly the worldwide economy is the discourse of development economics. Understanding discourse of development economics requires deep analysis of its emergence, building on the existing parameters, as well as the necessary conditions for its formation or occurrence.
Moreover, economic progress benefits significantly from the corpus of rational techniques, which include planning, measuring and assessing techniques, professional knowledge, and institutional practices amongst others. In addition, economic progress may never be complete unless stakeholders focus on regimes of representation that are capable of underlying the construction of various processes and parameters. Examples of the parameters vital in this area include peasants, women, and the environment.
Links and relationships between representative powers at work with various economical institutions also play a significant role in economic progress. From these concepts, there is no doubt that economic progress is a process full of many requirements that must be attained at any given moment. In any case, every stakeholder involved in economic progress must be conscious of various parameters that make the process complete.
Generating Discussion Questions
From the ongoing discussion, the following questions arise:
What was the link between post-World War II poverty and economic development?
Post-World War II poverty led economic development and prosperity amongst different nations in the global perspective. During the post-World War II poverty, many nations engaged in developing better ways of having sufficient food to reduce the serious effects of the same. As a result, economists proposed various development methods in curbing poverty. Hence, post-World War II poverty initiated the process of economic development in the global perspective.
It has been close to three decades since the global economy started economic development or progress. During this period there are economies with developed status and others developing and underdeveloped status. What are the possible reasons as to the discrepancy yet economic progress started almost at the same time?
Even though it has been long since the inception of economic development, there have been serious discrepancies amongst the global nations. One reason contributing significantly to such discrepancies in economic progress is political will.
Whereas there are nations with positive political will that necessitates economic progress, some countries lack the same hence falling in the underdeveloped category. In addition, technological discrepancies have led to discrepancy in economic progress where underdeveloped countries unlike the developed ones have poor technological infrastructure hence the difference in economic progress.
What are some of the factors that have played significant roles in economic progress of the global arena?
Some of the factors contributing to economic progress within the global perspective include technological advancements, infrastructural developments, governance, and the presence of political will amongst stakeholders involved. In addition, increase in knowledge and information has significantly contributed to economic progress within the global arena.
Forecasting into the future, may be five decades from today, is there a possibility that there will be more economic progress or development? If so, how will the institutions then differ with the contemporary institutions, which have so far been considered to be economically developed?
The global perspective keeps on changing despite the belief that it is about to reach the economic stretch. Therefore, there is a possibility that there will be more economic progress in future that it is in the contemporary world. Such economic progress will result into more advanced institutions that employ technology greatly as opposed to the contemporary institutions.