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4. The State and Economic Development

Economic development denotes a sustained improvement in the living standards and overall well-being of a nation’s population, encompassing income growth, job creation, poverty alleviation, and advancements in health and education. The state plays a pivotal role in this process through various functions such as regulation, promotion, development initiatives, and welfare programs, which collectively foster economic growth and ensure sustainable practices.

Sections

  • 4

    The State And Economic Development

    This section discusses the crucial role of the state in facilitating economic development through regulatory, promotional, developmental, and social welfare functions.

    Learning Practice

  • 4.1

    Meaning Of Economic Development

    Economic development indicates a sustained improvement in living standards and economic welfare.

    Learning Practice

  • 4.2

    Role Of The State In Economic Development

    The state plays a vital role in economic development by guiding and facilitating growth through regulation, promotion, development and social welfare.

    Learning Practice

  • 4.3

    Regulatory Role

    The state's regulatory role encompasses setting laws that govern economic activities, ensuring fair practices, protecting consumers and workers, and upholding ethical standards.

    Learning Practice

  • 4.4

    Promotional Role

    The promotional role of the government focuses on facilitating economic development through policies, incentives, and financial support.

    Learning Practice

  • 4.5

    Developmental Role

    The developmental role of the state encompasses infrastructure development, public health, education investment, poverty alleviation, and balanced regional development.

    Learning Practice

  • 4.6

    Role In Public Sector Undertakings (Psus)

    The state establishes and operates public sector enterprises in crucial industries to ensure self-reliance, particularly in sectors with limited private investment.

    Learning Practice

  • 4.7

    Role In Social Welfare

    The section discusses the vital role of the state in supporting social welfare through various programs aimed to assist vulnerable populations.

    Learning Practice

  • 4.8

    Role In Environmental Protection

    This section outlines the state's crucial role in environmental protection through law enforcement, promotion of renewable energy, and eco-friendly practices.

    Learning Practice

  • 4.9

    Importance Of Good Governance

    Good governance is essential for economic development as it ensures transparency, efficiency, and accountability, while reducing corruption and improving service delivery.

    Learning Practice

References

ea4.pdf

Class Notes

Memorization

What we have learnt

  • Economic development is a c...
  • The state has multiple role...
  • Good governance is essentia...

Final Test

Revision Tests

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