Economic Development

The modern world offers many economic opportunities and poses many challenges to development. Here in the developed world where we consume most of the world's resources, most people enjoy the benefits of the modern economy such as a decent standard of living, access to health care and education and the opportunity to make a wage that corresponds to our skills and effort. Most of the countries that fall under the category of developed are in the northern hemisphere, primarily Europe, North America and the Far East.

Image of slum in Columbia courtesy Luiz Perez.

In the developing world, people don't enjoy many of the things we take for granted. Access to health care and education may be limited. The economy doesn't offer as many jobs requiring skilled workers, so salaries may be lower, and people may not have the opportunity to advance in their field. In many places, the simple act of day-to-day living may take all of someone's energy.

One of the common characteristics of many developing countries is a rapidly growing population. In many of these countries, the average age is below 15. This puts an enormous strain on a country's resources by spreading them over a smaller and smaller part of the population. The good news is that higher rates of education among women lead to lower birth rates. This is the case in the developed world where many nations have such low birth rates they are facing the possibility of shrinking populations.

Economic activities have an impact on the environment in the developed and developing world. The challenge for the future is to satisfy the demands of people everywhere for a better life, while ensuring that this doesn't destroy more of the environment in the process.

The world's economies are becoming more interdependent on a daily basis. Advances in communications and transportation have enabled companies and individuals to pursue opportunities around the globe. This process has been aided by international trade organizations helping to reduce barriers between countries. As a result many people leave the developing world in search of work. Regardless of where you live, what's going on around the corner or around the world has implications for your life in ways that were unimaginable in the recent past. It may seem like a cliché to say that the citizens of the world are all in the same boat, but every day we see things that prove just that.