TITLE:
Navigating Beyond Economic Growth: A Holistic Approach to Development and Equality in Public Policy—Demystifying the Axiom “A Rising Tide Lifts All Boats”
AUTHORS:
Adunola Damilola Bello
KEYWORDS:
Economic Growth, Development, Equality, Neo-Liberalism, Globalization, Human Welfare, Gender Equality, Environmental Sustainability, Sustainable Development, International Development, Public Policy, Structural Adjustment Programs, Infrastructural Development, Global Development, Global Policy
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.12 No.2,
February
29,
2024
ABSTRACT: A
plethora of studies on economic growth, development, and equality exist. However,
a debate persists regarding how these concepts interplay, and the strength of
impact they have on each other. This research paper explores the conventional
tendency of aiming at development mainly by improving economic growth. It unpacks, analyses, and
critically evaluates different theories on economic growth, development, and
equality, establishing possible relationships among the concepts, and
critically assessing the capability of economic growth to solely drive and
determine the level of development in a country.
This study utilizes a qualitative case study research methodology in analysing
Neoliberalism and the Structural Adjustment Programs used as tools for driving
economic growth aimed at attaining development in selected African countries. By
conducting a rigorous thematic analysis of the literature from reputable
studies, this paper reveals that while growth contributes to development,
growth does not always equal development. This conclusion was reached by critically
examining the effects of emphasis on economic growth as the sole means of
accomplishing development, and by exploring essential aspects of human lives
crucial in determining development which are eluded in the concept of economic
growth. This paper therefore
recommends approaches for recalibration towards a holistic development, in addition to economic growth.