Evaluate the claim that a country’s well-being is dependent on its economic development.

Image by Neville Wootton, licensed under Creative Commons.

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! :)