Introduction
Poor institution cannot build a strong economy for a country, as we can see the evidence in most of the developing countries, corruption and institution failure lead to economic downturn (Fig #1) . Corruption affects economic growth, the level of GDP per capita, investment activity, international trade and price stability negatively (Dreher & Herzfeld,2005). Nevertheless, in case of Cote d’Ivoire the institution failure has led the country to onset of civil war which has affected the country’s economic growth in the past decade and half. Civil war is not directly related to economic growth but corruption is as Dreher and Herzfeld explains, also civil war affects the factors of capital which are relevant to economic growth of a country, such as human capital (education). The main engine of growth is the accumulation of human capital and the main reason of differences in standards of life among nations is differences in human capital (Lucas, 1993). Cote d’Ivoire was one of the most stable countries in Sub Saharan Africa after colonization. In 1980s Felix-president of the country, encouraged the influx of the migration from the neighboring countries, as a result of which majority of the North part of the country was populated with immigrants who worked at the cocoa production, while south was populated with the original Ivoirians. The south and North had a huge difference in ethnicity; there was a racial polarization, which created a tension between the regions after the death of Felix. The tension led to civil war. Based on the research and data I am exploring about the economic growth of the country before, during and after the civil war in a macro level. Also, taking the effect of education on the growth of the count...
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...ary level of schooling shows that the number of people entering the college and universities in cote d’Ivoire is only 2% at the current level.
Conclusion
In the conclusion we can say that civil war impact the education sector enormously. It destroys schools, results in death of the children and teachers, and hence lower the human capital of the country in a long run. Human capital is one of the factors of production of the economic growth. The higher number of years of school attainment is related to the higher economic growth of a country at the macro level of a country. In this paper we analyzed the parallel comparison of the rates of the enrollment of schooling at different levels, GDP per capita growth and the public spending on the education sector. The paper shows that the data and graphs do not show the relationship or correlation of the variables.
The amount of funding for education was the most difficult to determine. This education system seems to be very inefficient and the huge backlog of teacher pensions restricted the more favorable budget. Well educated students leads to a more productive economy but there are many who do not take ad...
... Secondary Education, both Suriname and UMIC has overall rising numbers with brief declines in the early 1980’s, with both having a high rate of approximately 85% in 2010-2011 (Graph B. and C.). For Gross Tertiary Education, both Suriname and UMIC again have rising rates, although UMIC had a much higher rate of increase than Suriname. In 1981, Suriname started at 6.24% and by 2002 rose to 12% (Graph B.), while UMIC started just slightly higher at 6.4%, but rose to 19%(Graph C.). While there is no data on the gross tertiary education of Suriname since 2002, UMIC has continued to grow, reaching 33.3% by 2011 (Graph C.). Based on the previously similar patterns, we can extrapolate that Suriname has also continued to rise.
Sywester, Kevin. Decolonization and economic growth: the case of Africa. Journal of economic development. December 2005. 30(2); p.89-91.
This can be understood when we take into account the corruption that happens in Lower economically developed countries. In LEDCS education is a sector which needs more focus an article which focuses on this issue describes the education in LEDC as shocking as ‘Out of 128 million school-aged children, 17 million will never attend school’ And ‘37 million African children will learn so little while in they are in school that they will not be much better off than those kids who never attend school.’ From the shocking figures we can see that education in Africa needs major adjustments in order to achieve successful
Since economic development and growth cannot be discussed in isolation of a referenced community, society or nation, efforts will be made in this lecture to relate essentially to the economic development parameters in the Nigerian
Political instability and corruption is a major impact on growth. The rule of law and appropriate enforcement is needed to create an established system of honesty and loyalty in society. Corruption is people acting in an official capacity of trust and responsibility misusing their position for private gain. When there is this sense of corruption many things are affected. Corruption discourages investment due to lack of business ethics. There is an increase in tax evasion as well as an increase in more “tax burdens” for the poor which is inherently wrong. Corruption leads to an unfair allocation of resources. If contracts go to the highest bidder, as opposed to the most efficient producer, then there is market failure and resources are being misallocated. If often sustains inefficient producers by shielding them from competition. Finally, Corruption means that officials will often divert public investment into capital projects where bribes are more likely. This reduces the quality of government services for the population. The monetary gains from corruption are often moved out of the country. This is a form of capital flight and it reduces the capital available for internal use.
There are many distinct institutions which correspond to the different roles that appear in society. As time change, it seem that certain institutions stand out from the rest, and in this case education serves as an essential component in society. Educational institutions play an important role in influencing the choices of individuals from their early childhood; presenting people with the objectives and values that are instilled by society. Education impacts individuals, groups, and society, whether it’s a positive or negative one. The Conflict Theory by Karl Marx will serve as tool to explain the points in this paper.
This report analyses social and economic factors such as, risk of poverty, employment rate and population completed at least upper secondary education. In this report you can find summary of the data, descriptive statistics, correlation and regression analysis, which shows that poverty has a small negative relationship with employment rate and negative relationship with education. Thus, this means if countries would increase employment rate and increase number of people who finish secondary education they would be able to reduce poverty level in the countries.
Artadi, Elsa V., and Xavier Sala-i-Martin. The Economic Tragedy of the XXth Century: Growth in Africa. Cambridge, MA: National Bureau of Economic Research, 2003. Print.
There are at least four different research perspectives about the relationship between development and economic growth. Firstly, economic growth is the basis for social development. Secondly, economic growth and social development are not necessarily linked. Thirdly, both economic growth and social development are not basic causes by each other, but they depend on interaction. Fourthly, social development is the prerequisite for economic growth (Mazumdar. 1...
Corruption is most prevalent where there are other forms of institutional inefficiency, such as political instability, bureaucratic red tape, and weak legislative and judicial systems. This raises the question of whether it can be established that corruption, rather than other factors correlated with it, is the cause of low economic growth. Regression analysis provides some evidence that if one controls for other forms of institutional inefficiency, such as political instability, corruption can still be shown to reduce growth. Nevertheless, it is hard to show conclusively that the cause of the problem is corruption alone, rather than the institutional weaknesses that are closely associated with it. The truth is that probably all of these weaknesses are intrinsically linked, in the sense that they feed upon each other (for example, red tape makes corruption possible, and corrupt bureaucrats may increase the extent of red tape so they can extract additional bribes) and that getting rid of corruption helps a country overcome other institutional weaknesses, just as reducing other institutional weaknesses helps it curb corruption.
Many unsolved problems in many African countries, but the issue of the rise of corruption are disturbing, and the amends it has done to the polity are vast. The fear of fraud leads to restrict movement of documents in offices, slow traffic on the highways, port congestion, ghost workers syndrome, queues at passport offices, police extortion tollgates and gas stations, vote irregularities among others. Even the nutty people on the road remember the devastation caused by bribery - the funds allocated for their success disappear into some people pockets. Thus, some people believe corruption is the bane of many African countries. Corruption is the main obstacle to slow down, and knock African economy growing. The problem keeps happening in Africa, and the issue will hardly be solved.
It is noticeable that the system of education is changing from time to time based on financial issues and how the world is growing. In the past, individuals taught the education system from the oldest member of the family to children, and their members were charging fees from the families that sent their children to them. Which meant that education was an important thing in all ages. Nowadays, the education is shaped to an official system run by professional people in governments and many countries invest high amounts towards education which makes evidence of how important it is in our current life. Every country has a different system of education based on their financial stability, government infrastructure and the standard of the government officials. It is noticeable that there is a big difference between the education in developing countries and the prevailing system in developed countries .In my essay I will discuss some reasons for these differences...
In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.
Economic growth is the most effective instrument for reducing poverty and enhancing the quality of life in developing countries. The benefits brought about from economic growth is strong growth and business opportunities enhance incentives. This may lead to the rise of a strong and growing group of entrepreneurs, which should generate pressure for enhanced administration. Strong economic growth therefore advances human development, which in turn promotes economic growth. But, under different conditions, comparative rates of development can have altogether different consequences for neediness, the occupation prospects of poor people and more extensive pointers of human development. The extent to which growth decreases neediness depends on the extent to which the poor take an interest in the growth process and share in its returns (Riley, G.