In contemporary times, every nation needs to develop to thrive and improve the quality of life of its citizens. Governments have tried to achieve this by focusing on economic progress, thus raising debates about the losses regarding social values. From my perspective, the merits of economic development can be balanced with the drawbacks with appropriate measures.
On the one hand, a prosperous economy benefits a country’s people greatly both socially and personally. A developed economy carries enormous fortune and resources necessary for the improvement of living standards, making room for contentment and satisfaction. For example, wealthy governments will invest more in aspects such as medical facilities. As a result, more funds will be allocated to supplying modern medical equipment to cater to patients’ ailments and providing underprivileged individuals with opportunities for healthcare, reducing the mortality rate and raising the number of healthy citizens and longevity. Furthermore, economic growth also ameliorates social issues. Due to plentiful resources, more support can be provided to social protection schemes and job creation, which can immensely encourage equality among the working class and facilitate trust and support among citizens.
On the other hand, social values are adversely affected due to economic growth. As economies develop, career opportunities are more prominent in urban areas. This attracts people living in the countryside to move to cities to look for work, separating them from their families and diminishing the traditional values provided by close-knit communities. As the younger generation adapts to modernized lifestyles, traditions like languages or customs might be devalued. Additionally, one of the most prominent trends in developed economies is materialism. As more and more businesses advocate for the consumption of tangible values as the way towards happiness and fulfillment, resulting in their non-material counterparts like traditions and relationships being replaced.
In my opinion, the advantages and disadvantages of economic growth balance each other out. It is important to maintain an equilibrium between developing the economy and preserving social values. One of the many countries that succeeded in doing so was Japan, where it witnessed tremendous technological developments while integrating traditional values like arts and crafts into modern structures. Improving the economy should not be the sole focus but also the preservation of social values. Therefore, measures must be taken to create frameworks for sustainable development that consider both aspects.
In conclusion, economic growth can bring about immense contentment among citizens in personal and social aspects. However, it also leads to the gradual disappearance of social values like languages, traditions, and familial bonds. Both of these consequences do not outweigh each other and every individual must ensure that social values are sustained in the era of economic growth.