Balanced Development
The issue of economic imbalances has drawn close attention from the many countries of the world. It includes imbalances between savings and consumption, the poor and the rich and imports and exports in some countries. But more importantly, it manifests itself in the imbalances in wealth distribution, resource availability and consumption and the monetary system. The causes for such imbalances are complex and manifold. Factors at work include deepening economic globalization, division of labour and industrial relocation, and capital flow. Therefore, the aim of this essay is to discuss balanced development and critically discuss why Zambia should strike a balance between agricultural and industrial investments.
Balanced development is defined as the creation of equal opportunities for all people to participate in, contribute to and benefit from development. The requirement for such a balanced development is human development, which is the process of enlarging people’s choices as to what they do and can do in their lives. Balanced development also shows how two sectors or regions interact out of steady state through product, labour, and capital markets, and how if the former interaction dominates the growth of one sector pulls along the growth of the other, while if the latter interactions dominate one sector or region booms while the other declines. To focus on one sector at the expense of another would be to deviate from the nascence of a balanced development. Thus, in general it refers to giving equal emphasis to all dimensions of development, hopefully leading to an increase in national income and a better quality of life, with equal opportunity for the rich and poor alike, for both urban communities and rural areas, and for both large and small businesses (Johnson, 1993:3-8).
To achieve the scenario, a country must be backed by well-executed financial, legal and administrative reforms. To achieve balanced development, governments need to ensure the
Balanced development is defined as the creation of equal opportunities for all people to participate in, contribute to and benefit from development. The requirement for such a balanced development is human development, which is the process of enlarging people’s choices as to what they do and can do in their lives. Balanced development also shows how two sectors or regions interact out of steady state through product, labour, and capital markets, and how if the former interaction dominates the growth of one sector pulls along the growth of the other, while if the latter interactions dominate one sector or region booms while the other declines. To focus on one sector at the expense of another would be to deviate from the nascence of a balanced development. Thus, in general it refers to giving equal emphasis to all dimensions of development, hopefully leading to an increase in national income and a better quality of life, with equal opportunity for the rich and poor alike, for both urban communities and rural areas, and for both large and small businesses (Johnson, 1993:3-8).
To achieve the scenario, a country must be backed by well-executed financial, legal and administrative reforms. To achieve balanced development, governments need to ensure the
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