An inclusive growth strategy can be better than alternative strategy for reducing inequality
The issue of unequal distribution of economic and social resources have recently become an issue of concern among policy makers. Although there exist many policies put in place to address the economic challenge and poverty in modern society, inclusive growth strategy has emerged as one of the most effective economic means of addressing inequality issues in modern society (Andersen and Tina 21). So far, numerous developing countries have embarked on inclusive growth strategy as a reliable alternative for reducing social and economic inequality.
Contrary to other economic development initiatives, the modern inclusive growth strategy upholds the principle of equity, equality, and human dignity. According to the inclusive growth strategy principles, economic development unreal if the available resources are distributed unequally. The idea of embracing inclusive growth strategy relies on the assumption that economic benefits cannot only aim at benefiting few individuals in the society (Barr, 41). As opposed to other traditional economic development strategy, inclusive growth strategy offers an inclusive and integrative social and economic growth. The strategy provides an expansive opportunity for accumulating productive social assert such as education. An inclusive economic development also allows people to utilise the available social assets for their personal development.
Contrary to conventional means, the inclusive growth strategy offers a sustainable growth mechanism that expands and creates economic opportunities for all actors in the society. The initiative does not result to discrimination in the distribution of resources. Instead, effective utilisation of inclusive growth strategy helps in the creation of sustainable social growth and development (Kerbo 17 and Roberts 23). The policy also offers a reliable social net that protect modern society from extreme deprivation. Based on the ideologies and principles that define inclusive growth strategy, the initiative broadens access for opportunities among all community members irrespective of their social backgrounds. The policy presents opportunities for members of the society to activity take part in the society social and economic development (Vogel 17 and Esping 27).
As opposed to other development initiatives that focus on the redistribution of income and resources the inclusive growth strategy, emphasises on the development of productive employment. Therefore, despite offering a platform for sustainable development, inclusive growth strategy merges economic development with social equality. Traditionally, economic development strategies focused on eradication of poverty and economic development (Barro 13). However, the modern inclusive growth strategy is effective in facilitating economic and social development as well as enhancing social cohesion and interaction (Krugman and Robin 17). The strategy has some far received appreciation from numerous investors and financial institutions for addressing economic disparities in modern society.
Contrary to other development initiatives, inclusive growth strategy provides a chance for society members to take an active role in economic activities. The initiative also guarantees community members a direct access to the existing social amenities (Martin, Natasha and Cheikh 17). The plan has been effective in ensuring that vulnerable members of the society benefits from a service such as crisis management schemes, child benefits schemes, insurance schemes and other social welfare facilities. The key objective of modern inclusive growth strategy is to reduce poverty level in modern society and facilitate equal distribution of resources in order to attain a sustainable social and economic growth and development (Klein 119 and Ianchovichina and Lundstrom 21).
Consequently, all economic and social indicators affirm that inclusive growth strategy are the most effective means of reducing social inequality in modern society. Although the initiative is relatively costly, the outcome of effective adoption of the plan is incredibly valuable and critical for modern social and political development.
Work cited
Andersen, Robert and Tina Fetner. Economic Inequality and Intolerance: Attitudes toward Homosexuality in 35 Democracies, American Journal of Political Science, Vol. 52, No.1 (2008), 942–58
Barr, Nelson. The economics of the welfare state. New York: Oxford University Press. 2009. Print
Barro, Robert. Inequality and Growth in a Panel of Countries, Journal of Economic Growth, Vol. 7, No. 1 (2009), 21-31
Esping Andersen. The three worlds of welfare capitalism. Princeton, NJ: Princeton University Press.2011. Print
Ianchovichina, Elena and Lundstrom, Susanna. Inclusive growth analytics : framework and application, 2009, Policy Research Working Paper Series 4851, The World Bank
Kerbo, Harold. World Poverty in the 21st century. New York, NY: McGraw-Hill.2006. Print
Klein, Martin. Poverty Alleviation through Sustainable Strategic Business Models. Social Forces, vol. 77, No. 2,(2008), 119–139
Krugman, Paul, and Robin Wells. Macroeconomics. New York, NY: Worth Publishers, 2009. Print.
Martin Prowse, Natasha Grist and Cheikh Sourang. Closing the gap between climate adaptation and poverty reduction frameworks, London: Overseas Development Institute.2009. Print
Roberts, Dorothy . Killing the Black Body: Race, Reproduction, and the Meaning of Liberty. New York, NY: Pantheon Books. 2011. Print
Vogel, Ezra. The Four Little Dragons: The Spread of Industrialization in East Asia. Cambridge, Mass: Harvard University Press. 2011
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