The Consequences of Economic Growth Essay Example | Topics and Well Written Essays - 1250 words

The Consequences of Economic Growth - Essay Example This discussion highlights that  with increased economic transaction between populations within and outside of national borders have led to greater economic growth throughout many parts of the planet.   Employment increases, the cost of products decrease to a competitive market level, and the number of firms and the quality of firms increase.   As a developing economy grows, there is a greater propensity and incentive for foreign governments to provide some form of economic aid, which is also in their benefits for their own economic expansion.From the study it is clear that  with the spread of commerce comes the spread of newer technologies. With the breakthroughs in technologies in the telecommunications industry, the technology itself has become more accessible for lower income customers.   Anyone with an internet connection can now communicate and do business with anyone else in the world.   This has led to a rapid growth in traditionally lesser-developed countries, be cause now there is a productive work force with the means to enlarge their economic fortunes.   With the greater diffusion of technologies, entrepreneurs have become more empowered and enfranchised with freedom to pursue business ventures and this had led to a growth in business.  Nations with no economic development at all are subject to civil war, systemic poverty, famine, and political instability, as often and tragically observed in Sub-Saharan Africa or Central Asia in the present day.  Ã‚