Why Economic Growth Outshines Political Stability in a Country's Development
The notion that political stability is more crucial than economic growth for a nation's development has been widely debated. Debates often arise when contrasting periods of political stability with economic imperfections or focusing on specific instances. The recent crisis in Sri Lanka highlights the limitations of prioritizing political stability over economic growth, illustrating that political stability alone cannot guarantee national development. This article delves into the importance of economic growth and explores why it often serves as a stronger foundation for sustained development.
The Case Against Prioritizing Political Stability Over Economic Growth
Historically, the British colonial rule in India provide a pertinent example. During the colonial era, India experienced decades of political stability, except for certain turbulent periods like the 1850s, 1920s, 1930s, and 1940s. While political stability was present, the focus on Britain's economic interests often overshadowed the local populace's needs, leading to significant negative consequences. This period was marked by famines, which resulted directly from the prioritization of economic gains over the well-being of the population. Famines in Bengal in 1770, 1866, 1876-1878, and 1943, mainly due to British policies, starkly illustrate that political stability alone does not equate to development.
The Imperative of Economic Growth for National Development
Economic growth is a fundamental requirement for development. A robust economy not only enhances a nation's overall well-being but also contributes significantly to political stability. People of the ruling class may argue that political stability should take precedence, but such views often stem from self-interest rather than broader societal needs. Economic growth is the key to addressing complex issues like poverty, hunger, unemployment, and illiteracy. It ensures the availability of basic necessities, fosters education, improves healthcare, and creates employment opportunities, ultimately leading to a more prosperous and stable society.
Why Economic Growth Outshines Political Stability
A focused analysis of Sri Lanka's recent crisis brings the debate on economic growth vs. political stability into sharp focus. The nation faced a severe economic downturn, leading to shortages of fuel, food, and medical supplies, and resultant social unrest. This situation underscores the need for a stable economic foundation. While political stability is crucial, it must be backed by sustainable economic policies. Economic growth paves the way for long-term development and ensures that the benefits reach all segments of society.
Conclusion
Ultimately, economic growth is the ultimate goal for a nation's development. While political stability is important, it must be augmented by economic policies that address social and economic disparities. Focusing solely on political stability without a parallel effort towards economic growth can lead to stagnation or even retrogression. Sri Lanka’s recent crisis serves as a stark reminder that a nation should prioritize policies that ensure both political and economic stability for sustainable development.