7 Arguments against Industrial development strategy for developing countries
These are negative externalities or side effects that arise as industrialization takes place. They include the following.
- It leads to rural-urban migration. People shift from rural areas to urban centers where there are better opportunities as a result of industrialization. This leads to development of slums, open urban unemployment, increased crime rate and poor living conditions in general.
- It leads to technological unemployment. Industrialization increases the use of capital intensive techniques of production which in the long run replaces labour hence technological unemployment.
- Environmental degradation. Industrialization leads to environmental degradation in form of noise, air and water pollution. This negatively affects the society
- It promotes uneven regional development in economy: This is due to the concentration of most of the industries in urban areas. This leads to underdevelopment of rural areas.
- Occupational hazards. Industrialization accelerates occupational hazards in form of increased work load, high level of accidents at work, occupational diseases etc.
- It increases economic dependence of the economy. This is due to a large number of industries being owned by external investors. This increases profit repatriation in the economy
- It leads to the loss of craftsmanship. The increased dependence on the use of machines like computers and other capital equipments leads to loss of natural creativity in the long run as result or industrialization.
CATEGORIES Economics
TAGS Dr. Bbosa Science