Evaluate the claim that a country’s well-being is dependent on its economic development.
The first female Thai Prime Minister, Yingluck Shinawatra,
was ousted from power primarily on the argument that she would irrevocably
compromise the future of the nation by taking on too much debt in the funding
of her pet project – a high speed rail that connects parts of Thailand and even
neighbouring countries. If indeed pulled off, this could have sparked
tremendous economic development in the vast nation, currently segregated by
chasms in wealth and opportunity. However, the Yellow Shirts faction argue that
this project would instead hinder economic development, since the nation would
be buried under crippling debt. Whichever side of the argument, what is
apparent is the unanimous assumption that the nation’s well-being is dependent
on its economic development; what differs is the strategy to achieve said
development. This, however, relies on a simplistic view of the term “country’s
well-being” as it opines that well-being is primarily material. Should we
acknowledge that well-being of a nation necessarily comprises fewer tangible
criteria, then it is clear that economic development often leads to well-being
for a nation, but admittedly can hardly promise it.
The main reason why most would instinctively agree that economic
development is fundamental to a nation’s well-being is the fact that our
capitalist world necessitates financial ability to provide the material needs
for a nation. Beyond merely catering to immediate needs, economic development
in the form of long-term strategy and policies, can go a long way in ensuring
sustainability and continued self-sufficiency. In the case of Nauru, an island-nation
once abundant with phosphate deposits, the lack of economic development beyond
mere mining and sales, arguably led the nation to its woeful state today,
reliant on handouts and goodwill of Australia, and accepting the refugees
Australia places in their nation. The problem is that Nauru is far from alone,
with Kiribati and Venezuela failing to meet the needs of their people, arguably
also because of their lack of economic development. Hence, it is painfully
apparent that in our capitalist world, economic development is often an
important element in ensuring the welfare of the nation. Admittedly, some
nations like Cuba and Bhutan, have gotten by without much emphasis on economic development,
eschewing traditional goals like increased Gross Domestic Product, in favour of
welfare and happiness. While the manifestations of their goals are different,
Cuba through clear social structure, and Bhutan through the emphasis on
happiness, they have in their own ways sought to improve the nation’s well-being.
It must be noted that while the main thrust of their efforts may not lie in the
usual forms that economic development take, economic development still play a
part, with Cuba becoming a more open economy and Bhutan opening itself up for
tourism. They may not have been the most eager proponents of economic
development as a means to ensure the well-being of the nation, they too incorporate
it as part of the government’s arsenal, hence proving a nation’s well-being is
dependent on economic development.
Another reason for this dependence is the fact that economic
development is often taken as an indicator of a capable government, a trait
that is needed for the nation to have a voice on international platforms. As the
Chancellor of Germany, a nation with laudable economic health and system, it is
little wonder that Angela Merkel is the second most powerful person in the
world. This same quality has allowed Singapore, a tiny island-nation, to have a
loud voice on international matters. Evidently, sound economic policies and
sustained development are essential in the reputation of nations and their
leaders. The same clout then enables the nation’s welfare to be protected,
without being subject to the generosity of those in power. Greece’s financial
crisis rendered them vulnerable and at the mercy of Germany. While Greece sought
a bailout, they were compelled to undergo the crippling experience of a
complete breakdown of the system and entertain the possibility of austerity
measures as condition for future assistance from its wealthier European
counterparts. This makes it abundantly clear that economic development is
needed to ensure a nation’s well-being.
That said, there is something absolutely noble about turning
one’s back on economic matters and focussing on the intangibles instead. Beyond
mere economic pursuit, once that has been achieved, the nation’s well-being
would divorce from the material pursuits. This is when the Nordic countries
seem to shine the way. Not known for rapid economic development nor
productivity in the way that Asia has set the bar, countries like Norway,
Finland, and Denmark illuminate the way forward for national welfare. Finland
has on of the best education systems in the world, a trait that would have been
exploited by innumerable other nations to boost economic growth, yet Finland
channels its best people into education for long-term betterment. Not materially,
but intangibly. Norway’s expenditure on criminals, even recalcitrant ones like
Anders Breivik, could have gone a long way in boosting productivity or
development, but Norway believes in being human and humane. These examples show
that while a nation’s well-being is typically dependent on economic development,
it may not be so for nations which have attained enough to meet its needs. For
these privileged nations, their well-being then veers away from the pursuit of
economic development, on to other areas that are often intangible, and with it,
something to be truly proud of.
All in all, it is apparent that a nation’s well-being is
largely dependent on economic development, whether past or present. The issue
is not then the mandate to push for even more economic development, but to
realise it is just a means to the end. True well-being is the freedom for
governments to do what is best of the nation and people, without needing to
fear that they will be ousted for it.
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All
sample essays in this blog are original works written by Belinda. They
are handwritten under timed conditions (90 minutes), and are
subsequently typed out as blog posts. If you like what you read, leave
us a comment below! :)
