Economic development and sustainability of society
Economic development is mainly the economic growth going hand in hand with changes in the distribution of the output and economic structure (Nafziger, 2006, p. 15). These changes may involve a decrease in GNP’s share,s agriculture, and a corresponding increase of the GNP of service and industrial, skills of the labor force and education. Social stability is the scope of life shape and structure and a dependable routine that protects against more situational risks and hazards and helps maintain interactions with social and communal resources and societal expectations. (Daniel German & Cark Latlain, 2012, p. 19-35)
A dependable standard of social stability can be attained through subtle processes and procedures classified as social control methods. K E Boulding outlined three methods of social control, which are integration, threat, and trade. To ensure there is compliance, the threat of punishment is used to characterize authority and rule. In trade, there is the exchange of goods and services, which is the main means of incorporation in the market. Finally, intergradation ensures collaboration in society. (Christopher, 2008).
In the stability of society are several factors that play the main role. These factors are well vast and detailed. However, the analysis seeks to highlight a few and explain how they contribute to the stability of a society.
Education and Social Stability
There are mainly two different types of education perspective views in society on matters to do with education. It is viewed as human capital development to be used to grow the economy and as a technique for social equality. Many societies view education as a fundamental instrument used to create equal opportunities. However, in most cases, mainly underdeveloped and also developed societies like the U.S, a constant problem of unequal opportunities exist. (Byrd, 2011).
It usually and most commonly occurs in two categories in the form of socio-economic and gender-based status. Due to this indifference in society, it poses a risk to society’s stability because you find many if not all people trying to fight for the scarcely available opportunities to remain relevant in society.
Income and Wealth
Income refers to the amount of money a person gains at the end of performing a task. At the same time, wealth is the value of the accumulated assets and properties over a given period. Across the world, different people generate different kinds of income and have a different kind of wealth. This kind of inequality poses a challenge to the social stability of a certain nation. It generates a different kind of social consequences such as to include; increased divide and polarized society with different groups having fewer interactions, lower interactions leading to less trust and less sense of solidarity, lower interactions even lead to a different perception of the world and those and the top begin to feel entitled. (Stiglitz, 2017). This kind of indifference poses a challenge to social stability.
Employment instability
Employment stability is the uneven patterns of work availability for employment in society, mostly having a large population in the society jobless and hence idle. It is a multi-dimensional phenomenon. It justifies that it is supposed to be measured by a system of indicators that systematically shows the extent of employment and unemployment. (Bobkov & Veredyuk, 2013).
Due to this large population that is rendered jobless, society’s stability is jeopardized because many of the people indulge in criminal activities to sustain their lives.
Role of economic development especially in the stability of the society
The economic growth and development of any nation in the world mostly result in the stability of its society. There is a hypothesis known as the good growth hypothesis explained by Martin Paldam. He explained the growth helps to generate higher incomes among people. This higher income makes people of that particular country be confident of the government ruling and approve it. On the contrary, he explains another hypothesis known as the destabilizing growth hypothesis. That entailed growth generate complicated and negative changes in society and contributed to instability in society.
Secondly, when people are engaged in decent employment that gives the remuneration whether at the end of the day, week, or even month, there is the development of a decent livelihood within the society. (Vernon, 2016). These decent livelihoods, which are accessible to all sorts of people from all sectors of the society, help to minimize exclusion, social mobility and promote resilience. Thirdly, is when people can safely and without any fear acquire and accumulate economic assets to act as a cushion in time of need and provide them with income to invest in the economy, they develop a feeling that they are more empowered to say no to bac politics and politicians, warlords and people who may try to jeopardize the stability of the nation. That is because any time they entertain such people, their capital that has been invested and accumulated over the years may all run to waste.
References
Bobkov, V. N., & Veredyuk, O. V. (2013). Impact of employment instability on socio-economic position of employees. The economy of Region, 35-43. doi:10.17059/2013-4-3
Byrd, M. W. (2011). Education, Economic Growth, and Social Stability: Why the Three Are Inseparable. R. Azizian, A. Lukin, From APEC.
Christopher Piper. (2008). Peace and conflict (2nd ed.).
Daniel German, & Cark Latlain, A. (2012). Journal of Urban Health, 89(1), 19-35.
Nafziger, E. W. (2006). Economic Development. Cambridge, England: Cambridge University Press.
Paldam, M. (1998). Does Economic Growth Lead to Political Stability? The Political Dimension of Economic Growth, 171-190. doi:10.1007/978-1-349-26284-7_9
Selle, P., Strømsnes, K., & Loga, J. (2018). State and Civil Society: A Regime Change? Scandinavian Civil Society and Social Transformations, 117-163. doi:10.1007/978-3-319-77264-6_4
Stiglitz, J. (2017, February 13). World government summit [PowerPoint]. Retrieved from https://www.google.com/search?sxsrf=ALeKk00xrCmm_slTjNbM0VfH64QxMZ2Cog%3A1605621150761&ei=ntWzX-P9LYuI1fAPw52S4AI&q=world+government+summit+joseph+stiglitz+powerpoint&oq=World+government+summit+joseph+stiglitz+power&gs_lcp=CgZwc3ktYWIQARgAMgUIIRCgAToHCCMQsAMQJzoHCCMQrgIQJzoECCEQFToHCCEQChCgAVChkAFYtp4BYNqtAWgBcAB4AIABQSIAeQWkgEHMy00LjIuMZgBAKABAaoBB2d3cy13aXrIAQHAAQE&sclient=psy-ab