There are a variety of factor categories to take into consideration when discussing the economic development of a country. One such category that is occasionally overlooked is a country’s social identity and interaction. Economics can be significantly influenced by social and cultural factors — both internally and externally.
Here are a few major social factors that tend to affect economic development.
Discrimination
Discrimination is obviously not a common indicator of societal strength, and in terms of economic development, it can be a significant detriment — particularly to poor countries. Discrimination can stunt the progress of poor countries in terms of their productivity and stability, creating unnecessary civil conflict that can become a distraction from key economic issues. For example, certain discriminatory standards may limit the education of a major demographic within a country, ultimately undermining groups of people who otherwise could contribute to economic growth. Furthermore, discrimination between two separate countries may negatively influence trade and other economic interaction between those countries.
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