Economic development is a common goal of many societies looking to improve their standard of living. Unfortunately, this frequently weakens various social properties. This article contends that while growth in the economy can contribute to well-being, it also undermines social cohesion and shared values.
Economic progress has its obvious rewards. It generates jobs, increases incomes and expands access to goods and services. In fast industrializing nations, poverty rates are likely to decrease while well-being l increases. In addition, an upturn can spur technological and infrastructural improvements that improve everyday life. These advances may have salutary educational and civic effects as well, by enabling citizens to be more active participants in society.
However, this doesn’t come without a price. An emphasis on profit can encourage consumerist and materialistic tendencies, undermining the traditional values and social connections. And as the pursuit of the individual good trumps all, there is a diminution of community and mutual assistance. And environmental degradation frequently also accompanies unfettered economic activity. Pollution and the over-exploitation of resources can compromise health and long-term viability as in the rapidly expanding cities of the developing countries where industrialization has resulted in serious environmental problems.
Values like empathy, solidarity and shared responsibility are what form the foundation for the future development, critic’s claim. Overlooking them in favor of economic indicators threatens to build disconnected, more fragile communities.
In summary, it is true that economic growth may improve people’s life; however, its impact on important social culture should be considered. Policy makers should pursue a model of growth that promotes both material well-being and social integrity. Such economic progress can only be real when it is in the broader interest of society.