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

The living standard of many countries in the 20th Century has improved drastically

in contrast

to the 19th century. People believe that

this

betterment of living has been bought into existence due to economic development and in the process of

such

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.

Firstly

, the greatest benefit that economic growth has bought in the world is convenience. Life has never been so simple due to

t

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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.

Secondly

,

this

has

also

resulted in the creation of new jobs in the form of latent demand as

such

facilities or services never existed before.

For example

, many jobs in the 19th century didn't exist as people never realised its latent demand.

However

,due to

this

forward shift, new jobs came into existence and contributed to the economy.

As a result

of these two advantages, we can say that economic reforms have resulted not only in betterment of living standards but

also

contributed to the economy.

On the contrary

, few social values are

also

lost in

this

process.

First

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.

Lastly

, these developments have

also

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.

Therefore

, the above points

also

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.