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Development and Globalization - Term Paper Example

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Estimation of GDP growth also leaves out a lot of information, which might be useful in measuring the development of a country, and thus, it is thought to be an insufficient of measure development. In addition, GDP is also said to use very limited information in its measurement. It leaves out a lot of information that might be useful in measuring the development of a country. For instance, GDP doe not report about the standards of living of individuals in a country. GDP measurement only assesses the per capita income of persons in a country. Thus, a country with many rich people may report a very high GDP yet, the level of development may be very low (Frank, 2003, 77). This is because; GDP does not consider that there might also be poor people in the same country. Therefore, if there are people in a country earning low incomes, then it will imply that; although the standards of leaving are high, the level of development is low (Roberts & Hite, 2007, 4). GDP also does not account for issues such as pollution, environmental degradation and social well-being. This is because; GDP mainly deals with items that can be measured numerically accurately. However, some of the items that determine the level of development of a country cannot be measured numerically. ...
This is because; the capital incomes available for investments have reduced. In addition the competition in the economy is very stiff an unfavorable for growth (Wallerstein, 1979, 56). Therefore, Robert asserts that the potential for development has reduced significantly. The economy is becoming compressed each time countries continue to face cases of inflation and depressions (Rodrik, 2011, 10). On the other hand, Thomas Friedman argues that ‘the world is flat’. This implies that, the world is like a playing field where every person is a player equal to another player. In addition, it also implies that there many opportunities in the economy that people can take advantage of any time they wish (Friedman, 2005, 248). Therefore, according to Friedman, the world will continue to develop as long as people continue to take advantage of the opportunities available to them. This is because, he believes that human beings can expand themselves without being limited due to the many opportunities at their disposal (Friedman, 2005, 250). The views of these two authors are contradictory. This is because; while one author suggests that the extend of development becomes limited as days go by, the other author states that, the development is unlimited and each person is free to trade and invest since there are many opportunities. The argument that I find more convincing is that of Robert Wade that the development space is shrinking. This is because with time, people are becoming less and less competitive (Wade, 2005, 282). The geographical area also continues to decrease with time and thus, with time, the opportunities available to invest will be limited. In addition, with the stiff competition, it will be very difficult to start up new businesses in the market. Therefore, ...Show more
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Name: Subject: Development and Globalization Question 1 The development of a country can be measured using a number of different approximation methods. However, use of GDP as a measure of development has been found to be inappropriate…
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