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Economic growth and social development are interdependent, with a country needing financial capital to improve living conditions. Social development includes infrastructure, education, and healthcare. Dictatorships are unlikely to have strong social development goals. Economic growth is critical to business innovation and revenue collection for social development. Without economic growth, a country may not have the resources for social development.
A country’s economic growth directly affects the government’s ability to improve the social development of citizens in that country. Economic growth and social development are strongly correlated because a country needs money to improve the living conditions of its citizens. Many people disagree whether prosperity is to be earned or inherited. Economic growth and social development require a delicate balance of economic growth with moral social responsibility.
As nations grow, social development must become an important goal. This development normally includes infrastructure, medicines, housing, education and better food quality for society. Economic growth and social development depend on each other because a country cannot afford social development without financial capital. A government must be willing to spend new money to improve citizens’ social development.
The ultimate goal in social development is to improve the well-being of all people within a society. Social development requires improvements in available food and drinking water. This type of infrastructure is available in most major cities around the world, but it is extremely expensive for developing countries. Global economic growth has helped many nations to have the necessary funds for clean water and proper sewer sanitation.
A dictatorship is unlikely to have strong social development goals. This type of government usually follows rules and laws based on the goals of an individual or family dynasty. These governments are usually more selfish and designed to enrich the ruler. Dictators may share some national resources with their people, but they usually use them for themselves and their families.
Social development should improve as a country’s financial capabilities improve. This development typically takes several decades to occur and requires careful planning. Economic growth and social development depend on each other, because a country needs economic growth to pay for basic infrastructure needs that support the nation’s social development.
Economic growth is critical to business innovation. Governments that help companies grow are more likely to do better financially. This additional revenue is later collected through taxes, which can be used to help citizens’ social development.
Social development is a moral obligation for all countries, but it is also necessary for a country to remain competitive. A country that focuses on improving education and social health is one that is investing in the future of society. This approach ensures that a country will continue to grow for many decades to come because the people will be healthier and better trained to come up with new ideas for continued growth.
Without economic growth, a country may not have the financial resources available to help with social development. Most third world countries struggle to provide basic infrastructure support for social development. A government can only help citizens when it has enough money and human capital to improve infrastructure. Until that capital is raised, a country will continue to struggle with social development needs.
Asset Smart.
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