Essays on Economic Development Page 2

What do you think constitutes economic development? There are many schools of economic development. Typically, the debate was between the various forms of capitalism and socialism. Capitalism can be defined as an extreme version of Ayn Rand and Milton Friedman, where the state barely exists, and all power and opportunity exist in the private sector….

Capitalism in the twenty-first century is so deeply ingrained into the world’s foundation that its involvement is clearly inevitable. Capitalism is defined as an economic system where wealth is privately owned. Though it is a personal gain, it does not necessarily mean that the accumulation of wealth will be found by those who produce the…

INTRODUCTION Indonesia, officially the Republic of Indonesia, is an equatorial archipelago located in Southeast Asia between the Pacific and Indian Oceans. This transcontinental state consists of more than 17,500 islands spanning approximately 5,150 kilometers from the east to the west (“Indonesia Facts”, 2018). Indonesia is not only the 7th largest country in terms of overall…

The relationship between democracy and economic development has long been debated. Does development come first, followed by democracy, in later stages of economic growth? Or does democracy actually pave the way for development? These questions are especially relevant today due to the on-going economic reforms in various parts of the world and growing awareness among…