Economic Issues Questions And Answers

Question No 1. #

Rich countries are both centralized and decentralized over the idea of power control than the poor countries. In this regard, I believe that rich countries are centralized, as a result of their federal and state-level governmental structure. In such a country where the power is distributed merely in the hands of the government becomes rich.

The reason behind this fact is that rich countries tend to follow different forms of economic and political policies over which different executives of the government-run the economic system of their particular country while offering different policies made by the governments.

In such countries, the government acts as a leader and make strong links with their followers and, as a result, becomes rich because of their shared values. (Werlin, 2001, pp. ,292)  Besides, the idea of centralization involves government and its major role in both policy formation and its active implication both at the regional and national levels as well.

Rich countries that show their higher authority of governments do not face the issue to control over their economies, as they tend to rely on those policies that benefit their governments jobs as well. Rich countries are more centralized because government functions independently over the economic policies and does not rely on privately-recommended policies.

For this fact, rich countries where the government holds the control over all forms of economic issues and those changes that are required to make a particular policy effective and operational in the formation of an overall economic framework becomes more centralized as compare to poor countries where power remains uncertain and limited both internally and externally, as a result of their weak control over economic reforms and policies as well.

While, on the other hand, rich countries are also more decentralized as compared to poor countries. The reason behind this fact is that rich countries which show decentralization divide their powers among other working organizations of their respective country along with the distribution of power and control over economic reforms and policy formation among the hand of lower forms of government as well.

Dividing the power and control over economic reforms and policy formation balance the system of economy in rich countries, as a result of stable and equal distribution of power among lower forms of government and other local organizations as well.

Also, it would be not wrong to say that the rich countries are more decentralized than the poor countries, as poor countries lack firm governmental and private support due to which poor countries lose the ability to distribute power among the hands of local organizations and other forms of lower governments because poor countries lacking essential economic reforms and policies the lack of which influence the working abilities of local government and other private institutions as well (Pranab K. Bardhan, 2006).

In last, it would not be wrong to say that rich countries are more centralized because of the firm control of the government over their economic reforms and policy formation. Also, rich countries are more centralize than the poor countries, as rich countries can control power and control, as a whole, without any involvement of local governmental-support and support from local organizations.

Also, rich countries are more decentralized, as they also have the authority to divide and distribute power based on the economic policies of government over which they allowed other local governments and institutions to form their private reforms linked with the governmental-based reforms, as a basis.

Question No 2. #

Rich countries are more successful in changing culture permanently for different reasons, based on their changing demography and decentralization as well. In reality, rich countries are more successful in changing culture permanently, as the people in rich countries face inequalities in their incomes, education, life expectancy, housing period, health spending, and other aspects of their regional and social lifestyles as well.

In a broader sense, rich countries are more successful in changing their cultures permanently as a result of their growing economic stability even in the existence of a higher level of the regional and national level of inequalities among the people and different roles of their institutional policies such as possessed by the idea of federalization, over which a state or a country uses its different controls and powers delivered by the federal governments within the state.

For example, the United States is a country rich in their culture and have many states that are equally functioning for the well-being of their respective societies and its people as well. In this regard, different states of the United States have a system of federal control over which different reforms and policies are made according to the changing conditions of different aspects of life involving the economy, social needs, and other forms of survival as well.

Under such a system power is divided by the federal government over which each institution within a particular state tends to follow the rules and policies implemented by the federal government and, therefore possess a stable form of the system over which a permanent change in culture becomes easy to accomplish.

In short, it would not be wrong to say that rich countries are more successful in changing their cultures permanently, as a result of their fair system of controlling over power under which state or country as a whole is controlled through one dominated body of government, especially federal government (Brian Nolan, 2014).

Besides, rich countries are also more successful in changing their culture permanently, as a result of their access to different resources and services found within a particular nation or gained through the overwhelming power of a state. In other words, rich countries form such policies over which they gain the ability and control to use the resources not only those that are already existing but also those that are existing in other poor countries, lacking essential financial and strategic support to use those resources.

Rich countries gain ultimately gain control over the resources of other poor countries and overcome social and economic issues, significantly (Werlin, 2001, pp. ,304). In this regard, rich countries who gain access to resources of other poor countries tend to develop and gain success in the same way as the poor countries go undeveloped at the same pace.

For example, if a poor nation fails to access its national resources and, therefore fails to accomplish essential steps required for the well-being of the nation and its people as well. Then the rich countries play their vital role in accessing those resources while offering the poor nation a small amount of those resources for their use, as a result of lower control and power to access the resources of the poor countries, as dependency theory also claims (Ghosh, 2001).

Question No 3. #

The economic development of a country based on the level of well-being of a country and its people concerning their economic, social, and political growth in a positive manner. In this regard, the most significant thing that is required for the positive economic development for a nation and its people is the distribution of power and resources among its individual, over which each individual of society uses different resources and powers for his well-being.

In a broader sense, as I believe, that the idea of liberal democracy is more essential in making positive economic development for a country and its people as well. The reason behind this fact is that liberal democracy is the form of government that significantly function for the overall well-being of the society and its people as well.

For instance, the idea of liberal democracy offers many responsiveness of its influence, over which people gain different kinds of opportunities over which people express their preferences through either individual response or collective action along with the fulfillment of their preferences according to the different conducts of the government, excluding no such discrimination among the people concerning the availability of different resources available to them.

Besides, the idea of classical democracy is essential for economic development for the fact that classical democracy offers institutional guarantees to people and many other forms of freedoms in different spheres of life such as freedom to link and create institutions, freedom of expression, freedom to caste vote, freedom to access sources of information and many other expressions of preference as well.

In short, as I also believe that the idea of classical democracy is more essential than liberal democracy because of the reality that classical democracy offers power and control to the people according to their needs and interests in different spheres of their lives while functioning according to the rules and regulations of a democratic form of government that divided the power among the local sphere of public, significantly(Werlin, 2001).

While, on the other hand, the idea of liberal democracy revolves around the possession of power exhibit by the state government that tend to form different laws required to be followed by the people.

In other words, the idea of liberal democracy offers different forms of law that are equal for each individual of a particular society and over which each individual of the society act according to the proposed forms of law, through the liberal government.

From this reality, it would not be wrong to say that the idea of classical democracy offers many ways to a particular nation and its people to use different resources of government under its considerations and limits and over which the whole progress and well-being of a society and its people are based on as well.

In short, economic development is directly linked with the overall well-being of a society and its people and that can be ensured through the idea of classical democracy as it offers a broader form of freedom to the society and its people over the possession of different resources and government-provided opportunities as well.

Question No 4. #

The idea of corruption has become one of the most significant and critical issues in all over the world, especially in poor countries, where the government and its people lack essential economic development as a result of growing impact of corruption on the lives and statuses of the people and society as a whole.

In this regard, no doubt, it would not be wrong to say that corruption is everywhere both in rich and in poor countries. However, the overwhelming or devastating results of corruption are significant in poor countries than the rich. There are many comments and claims are existing about the significant issue of corruption.

Many of the claims are in support of corruption, as a way to fast access and growth of the economy. Whereas, on the other hand, many clams proposed that corruption is the firmest barrier in the development of a country and its people.

However, as a human being, we have the sense to analyze and observe the impacts of corruption on the development of a country, especially those who are still developing in this modern world of globalization, then we can deduce that corruption breaks the back born of a nation and, as a result, people started to change their way of living life while ignoring honesty and adopting the direct and risky ways of corruption.

In this way, it becomes clearer that poor countries that are already under development need secure and honest means of success and efforts done by its government and its people as well.

For this fact, poor countries lack essential resources and other goods and services required by its people at a large level then people become corrupt and they tend to rely on insignificant and wring means of accessing those resources and services at any cost.

Also, the idea of corruption in the poor countries offers the people to use the scarce resources of a country illegally both by the government and the individual of the society, as a whole. In poor countries, the government no longer functions effectively and tends to ill-manner and not use the money of corruption for carrying out developments and to offer public services (Werlin, 2001, pp. ,295).

Also, corruption in poor countries offers illicit access to civil services, especially to those individuals who do not deserve any of the civil services of the state. Over the idea of corruption, people within the poor nations use revenue produced by the state and, therefore led to the strike between members of civil services of the state and politicians as well.

Also, people tend to damage the national programs and activities of growth and other infrastructural development of poor nations, as a result of practicing corruption. In last, the idea of corruption in the poor nations is also devastating because the supply of money both at the foreign and local levels is invested in an ill manner for the national and regional growth of the poor country (John Baffoe-Bonnie, 2003).

While, on the other hand, as I also believe that corruption is also exiting in rich countries, but the nature of corruption in rich countries is different from poor and, as a result of a secret form of corruption, rich countries do not show the practice of corruption as overwhelming to their nations or people as well.

In last, it would not be wrong to say that the idea of corruption is more devastating in poor countries than the rich countries, as poor countries lack the practice of essential policies and laws over which corruption can be controlled through.

Question No 5. #

The idea of globalization has become the most significant subject matter in the developing world of affairs. However, it would be interesting to note that there is no single explanation about the idea of globalization, as it involves almost every sphere of human life as a whole. For me, the idea of globalization has something to with the modern way of living life, while using different forms of modern technological advances along with the new ways of accessing different resources as well.

I also believe that the idea of globalization refers to those rapid transformations and developments that are made through modern information about different facts and figures whereas observing different facts and figures in the light of modern research and databases as well.

The idea of globalization offers a pathway to political governance to promote globalization and, as a result, politics becomes a leader who integrates hard and soft forms of power(Werlin, 2001, pp. ,301). In this regard, the idea of globalization benefits some countries than others, as some countries lack essential resources and financial support to access to the modern facilities provided by the globalized system of the world.

For example, In America, globalization in the field of technology is more significant and broader than the other countries of the world, as America has the access to different resources involving financial, public, and business support as major means of their progressive globalization.

Also, the idea of globalization in rich countries, for example, benefit the country and its people, as people in rich countries have their accesses to resources and modern form of technological advances that are the real invention of the idea of globalization.

In other words, in rich countries, people are strong to their political, social, and economic well-being, and, for this reason, they are more likely to adopt the modern forms of living life provided them through globalization.

Also, in rich countries, people with their access to different resources in terms of finance hold the ability to create new inventions based on their globalized views, opinions, and modern form of thinking about the new form of discoveries as well.

While, on the other hand, in poor countries, for example, where there are already many overwhelming issues existing like corruption, bad governance, poor voting processes, and involvement of unworthy ideas and opinions, globalization makes the people think about their limited power and control over the modern form of inventions and discoveries.

In other words, in poor countries people are already lacking essential requirements and services for living a good life, globalization in such countries encourages people to think about their inferior position and rights to access a globalized worldview. In last, it would not be wrong to say that the idea of globalization benefit some countries than others, as globalization does not only offer a modern form of advancements and progresses, but it also demands necessary conditions for the proper and complete acquisition of attaining benefits out of the globalization.

In other words, the globalization benefits those countries who can gain benefit out of the appealing and charming nature of globalization, otherwise, it becomes depressing and overwhelming for some countries to even think about the benefits of globalization that can also produce more poverty within a country, as a result of the overwhelming wish to access globalization for a particular nation and its people as well (Spooner, 2015).

References: #

Brian Nolan, W. S. (2014). Changing Inequalities and Societal Impacts in Rich Countries: Thirty Countries’ Experiences. Oxford University Press.

Ghosh, B. N. (2001). Dependency Theory Revisited. Ashgate.

John Baffoe-Bonnie, M. K. (2003). Contemporary Economic Issues in Developing Countries. Greenwood Publishing group.

Pranab K. Bardhan, D. M. (2006). Decentralization and local governance in developing countries: a comparative perspective. MIT Press.

Spooner, B. (2015). Globalization: The Crucial Phase. University of Pennsylvania Press.

Werlin, H. H. (2001). Bureaucracy and Democracy: An Essay in Memory of Dwight Waldo. Public Administration Quarterly, 290-315.

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