Analysis of Socio-Economic Development Essay

4.3. Socio-Economies Issues

In analysis of socio-economic development, we can’t underscore the importance of historical, institutional, cultural, demographical political, societal and ecological factors. For this research work and concentrate, the research worker shall be limited to the economic development factors of the political, institutional and societal. In the literature reappraisal, the research worker tried to set up the fact that our disablements and ageing issues are societal, institutionalized and political related. With those underlined facts in the literature reappraisal, the research worker shall seek to unknot how unavailability, disablements and ageing issues which are political, institutional and societal factors affects our social-economic development.

The cardinal issue of any states socio-economic development lies in her people degree of per capital income. The multitudes of Nigerian population as a underdeveloped state, criterion of life is low. This is as a consequence of their low per capital income. Low per capital income and short-changed criterion of life and public assistance affect economic development and therefore leads to economic stagnancy in a long term ( Szirmai, 2005 ) .

Cardinal factors distinguished in economic theories of growing as stated by Szirmai ( 2005 ) are labour, capital, land and technological alterations. Labour in a broader treatment graduated table of demographic and human factors in socio-economic development. Labour includes population growing, as Nigerian population grows there is a diminution in her labour force. For old ages long economic growing and development have been measured in capital-labour ratio. The declines in the labour force are political and societal motivated. Disabled people are non included in Nigeria labour force ; they are portion of the unemployed citizen of the Nigerian population. Gratuitous to state, the unemployment rate of Nigerian population is higher to the employment rate. When the big figure of non-disabled people find it really hard to acquire a occupation in Nigeria, without any signifier of prejudice and favoritism of the Nigerian labor construction, one merely maintain inquiring how handicapped people will so be able to be incorporated in Nigerian labor system that is prejudice and governmental ( political ) attacks are egoistic oriented ( Nigeria Labour Congress 2012 ; National Manpower Board 1991 ; World Bank Country Survey 2013 ) .

Economic development involves assortments of societal indexs such as wellness, instruction, human capital, mortality and life anticipation. Citizenry wellness, educational degree and mean life anticipation have direct and indirect consequence on the economic development of any state. The Nigerian handicapped people deficiencies accessible and low-cost wellness attention installations, Nigerian schools are non sufficient plenty to provide for her teeming public. The people province of wellness, degree of instruction could hold a finding factor on their human capital development and life anticipation, which affect the quality of the labour force and the productiveness of labor ( Szirmai, 2005 ) . The handicapped people who ought to be portion of her labour force are been held back by one or more different types of unwellness or complaint. Where there are no proper and accessible medical installations and substandard, deficient educational installations leads to increase in illiteracy ratio, the socio-economic development of the state declines quickly.

Modern economic growing is basically inclined with monolithic capital accretion, where human capital topographic point can’t be overemphasized ( Landes 1998 ; Maddison 2001 ) . Economic growing of the western states since the 18th century can be traced to industrialization ( Higgins and Higgins, 1979 ) . The relationship between industrialization and economic growing can’t be randomly applicable to developing states because ; there have been alterations in international political relations and economic order since World War 2 ( Szirmai, 2005 ) . The developed states have maturely arisen from the reverses of the World War 2 and worked assiduously on their losingss and additions. They formulated policies that are thickly settled, policies and programmes aimed to instill every citizen in the labour force with equality and with no signifier of favoritism. The developed states have rebuild their establishment to provide for handicapped and non-disabled people by guaranting that they all work and unrecorded in a political order that are multitudes oriented.

To compare developed states with developing states like Nigeria, can further edify or expose us to the worlds of functions of establishments in progressing or hindering socio-economic development of any state. The political ( interaction between province formations and democratic regulation ) facet and cultural context of Nigeria establishments will non let for economic integrating and growing. Nigerian authorities depends mostly on developed states but unluckily, they don’t imbibe the nature of the developed nation’s institutional ( political, societal and cultural ) values that hinges on handiness for all and particular intervention for her seniors, whom they believe are human capital that decides the luck of the social-economic growing and development of the state.

Developed states economic systems thrive because they have established Torahs and Acts of the Apostless, which have led to worsen in societal and economic inequalities. Efficient establishment and good attitude to work, establishment that allows for equal mobility, equal competition and equal chances. Governmental programmes for self-initiative development centred on entrepreneurship are being promoted and increase in production per capita and production per worker and ( Szirmai, 2005 ) . Myrdal ( 1968 ) states that developed nation’s economic growings quickly as against developing states as a consequence of their authorities crisp policies to improved criterion of life, amalgamate province and federal integrating, national independency and increase societal subjects. Developed state political officers work with the impression that development is for the benefit of the people and multitudes.

Nigeria desirableness of economic growing and socio-economic development can’t be disputed. Nigeria traditional social believes and governmental forces lifestyles as be portion of the drawback of her growing. Global modernization, mercenary mass cultural spread and increase development of people ( Nigerian public ) in a capitalist market structure-where there is a transportation of income from consumer to capitalist and government’s functionary and their buddies entirely without respect to the public. With Nigeria authorities functionaries and their buddies development of the people, there can’t be harmonious and a balance society that can give an equal working platform for both non-disabled and handicapped people.

Harmonious and a balanced society is the rule in which developed state strive and thrive in. Myint ( 1980 ) postulate that “if isolated and socially balanced society did be before, they do non be today” . Though this is Myint place in 1980, constantly near to four decennaries ago and we have seen bend in tide of today’s events. Myint believes that there is no more socially balanced society, the research worker will non postulate with this place but it is needfully to observe that harmonizing to the Malthusian motion which maintain that uninterrupted economic growing will impact the balance of nature ( Brundtland et al. 1987 ; Meadows et Al. 1972 ) . Kudos to authorities of developed state, as nature is being affected, they ever put in topographic point policies that will commensurate such negative effects, so they could work toward accomplishing a balanced society and frailty versa is the instance when it comes to Nigeria authorities. Nigeria authorities capitalises on Myint, postulate that balanced society is lost and can non be achieved. This has formed their bases of administration and that is why Nigeria socio-economic growing and development is worsening.