Many countries aim to improve their living standard by economic development, but some important social values are lost as a result. Do you think the advantages of economic development outweigh the disadvantages?

The inception of economic
development
in any
country
is the
first
step of becoming a developed
country
. Many nations are determined to promote economic
development
in order to enhance the quality of life of their citizens. It is obvious that the change in the quality of life means a change in social values,
however
, the advantages of economic
development
supersede the demerits of it. Many countries have relaxed the foreign investment norms in order to improve the economic status of the
country
,
however
,
this
has resulted in the loss of some social values due to improved physical
infrastructure
.
Firstly
, every
country
is determined to invite foreign companies to invest and improve the GDP of the
country
and for that many developing countries improve the physical
infrastructure
.
For instance
, I have recently heard the prime minister of India announcing the biggest relaxation in taxes for foreign investors to make in India to promote the manufacturing sector in the
country
.
This
development
will surely improve the basic services provided by the government to lure the foreign companies which will
further
improve the employment statistics and the average earning income per month of the
country
.
Consequently
, the merits of
this
will improve the living standard of every individual.
On the contrary
, the promotion of economic
development
by improving the physical
infrastructure
in the urban areas has left an impact on the social values of the citizens. In the case of India, there are many rituals that were affected by the improvement in the transportation system.
For example
, on the day before Diwali, people do conduct a ritual of keeping food and water on nearby crossroads,
this
tradition has been lost as nowadays littering on roads is a public offence owing to provide better physical
infrastructure
. To summarize, the economic
development
can lead to
i
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ncrease in average earning income of the citizens,
however
, it may eradicate some traditions due to improved living standard. Clearly, the advantages of the economic
development
outweigh the disadvantages as it not only improves the quality of life but
also
eliminates some of the old traditions which have a noxious impact on the environment.
Submitted by rrjoshi1993 on

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Topic Vocabulary:
  • standard of living
  • economic development
  • quality of life
  • infrastructure
  • healthcare
  • education
  • job opportunities
  • unemployment
  • poverty
  • technological advancements
  • innovation
  • traditional cultural values
  • social bonds
  • material wealth
  • consumerism
  • social inequality
  • environmental conservation
  • wealth gap
  • vulnerable groups
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