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.
Enroll to start learning
You've not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Sections
Navigate through the learning materials and practice exercises.
What we have learnt
- Economic development is a comprehensive process that includes improvements in various sectors such as health, education, and infrastructure.
- The state has multiple roles including regulatory, promotional, developmental, and social welfare functions in supporting economic growth.
- Good governance is essential for effective economic development, helping to ensure accountability and reduce corruption.
Key Concepts
- -- Economic Development
- A sustained increase in the standard of living and economic well-being of a country's people, including income growth, job creation, and improvements in infrastructure.
- -- Regulatory Role of the State
- The state's responsibility to establish rules and laws that govern economic activities, ensuring fair practices and consumer protection.
- -- Promotional Role of the State
- The government's efforts to promote economic development through policies, incentives, and financial support to various sectors.
- -- Good Governance
- A system characterized by transparency, efficiency, and accountability, which is crucial for effective economic development.
Additional Learning Materials
Supplementary resources to enhance your learning experience.