It is common for countries to boost their economy in an attempt to enhance the overall quality of life for their citizens. Some people, however, are concerned that it results in loss of social values. While economic progress does benefit a nation in many regards, it is also accompanied by some downsides.
Pursuing economic progress has many key advantages, the primary one of which is poverty reduction. Nations’ efforts to initiate economic development often creates new job opportunities, which invariably benefits the unemployed. Once employed, people can work their way out of poverty and be able to afford better education and healthcare as well as basic necessities like food and shelter, not just for themselves but also their family. In this sense, nationwide economic growth enables the poor to lift themselves out of poverty. As well as alleviating poverty, economic progress facilitates more safety and security. When rich, countries have the means to establish and enforce law, which creates a safe environment for citizens and contributes to their wellbeing.
Constant pursuit of economic progress is not without its trade-offs. Driven by economic gain, people tend to compromise their social values such as mutual care and compassion. This is because relentless desire to gain an economic advantage turn people self-centered and uncooperative. A society with people who lack a sense of community and care for fellow citizens, in turn, is bound to succumb to hostility and destruction. One other negative outcome is loss of cultural identity. When countries engage in international trade and exchange for economic progress, they enable cultural homogeneity – the process of cultures becoming similar. In most cases, regrettably, a minority culture, along with its traditions and values, become replaced by a mainstream culture.
In conclusion, granted, economic progress aid in curtailing poverty rate and facilitating safety and security, which ultimately improve living standards, but it also gives rise to degradation and loss of social values, which can potentially mean the end of a society.