The living standard of many countries in the 20th Century has improved drastically
to the 19th century. People believe that
betterment of living has been bought into existence due to economic development and in the process of
improvement, many vital social values have been lost. In my opinion, the change in better living culture has been a silver lining to the world, despite losing some of its social values.
, the greatest benefit that economic growth has bought in the world is convenience. Life has never been so simple due to
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echnological shift. Everything is available just at a click of a button, from ordering groceries, clothes, cleaning our house, washing our car to sitting in a room and planning a trip to the particular place without much hustle.
,
has
resulted in the creation of new jobs in the form of latent demand as
facilities or services never existed before.
, many jobs in the 19th century didn't exist as people never realised its latent demand.
,due to
forward shift, new jobs came into existence and contributed to the economy.
of these two advantages, we can say that economic reforms have resulted not only in betterment of living standards but
contributed to the economy.
, few social values are
lost in
process.
of all, due to these reforms, the middle and lower segments of societies are greatly affected. Many of these come at a cost of many people losing their homes and property, as powerful people manipulate them for their own business needs.
, these developments have
resulted in the monopoly of business for companies with deep pockets, which has greatly affected the small and medium scale companies. To exemplify, companies like Amazon and Flipkart has resulted in the shutdown of many small delivery companies as they couldn't survive with the aggressive pricing that these big shots are providing.
, the above points
showcase the negative aspects of these reforms.
To conclude, in my opinion,the significance of economic development greatly outweighs its negative sides. The convenience of life and creation of new jobs which has catered to so many unemployment around the globe truly highlights its positive impact around the globe.