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State Roles in Economic Development Everyone living in this world is part of the economic development. And this is a global issue that everyone should face nowadays. This also reflects the growth of the population in the world. Seven continents across the globe will meet together in the end in order to show economic cooperation for the global society. Even though it depends upon several factors, it is possible that all nations around the globe can be rich. There are variations in the economic development of a country and it is because of social, economical, historical, social and political reasons. The government and its people should analyze local conditions correctly and effectively at an early age to have an early cure.
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We should all be aware of the basic concepts and principles of economic development. In a country’s economic development, there are many players who have significant responsibilities in achieving a development goal and one of this is the state. In promoting economic development, the state’s role is a complex topic and critically explored. Economic development is a result of entries and investments of various foreign businesses in a state.
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The state helps in the development of a country when it becomes the architect of the national economy and implements various policies and regulations. One of the policies implemented in a state are industrial policies and tax exemptions. Trade policies are common in a state and these includes minimizing import and export tariffs and thus increasing the flow of capital, services and goods to a higher economic activity of a country. There are many reasons why there are countries that do not collect as much taxes as they need and one of those is that their citizens are penniless. One more thing, their economies are largely informal making, thus beyond the expenses of their citizen. However, there is always room for improvement. There are taxes reforms made that will help striving countries. In building a bright future for a state, it endorses skill development and education institution to its people. Many of the state focused on their expansion in the field of higher education. Different colleges and institutions are busy in producing and nurturing talents and skills of different people year after year. Education is one of the important factors in a development of any country, state or region. Skilled people in a state probably will lead to a higher chance of economic growth and development. No economic development group can succeed without an skilled people. Thousands of educational institutions are upgraded or build every year making a clear judgment on how serious a state will be when it talks about the education.