Impact of a Rapidly Growing Economy on Family

Impact of a Rapidly Growing Economy on Family

The economic growth of a country refers to increased production of goods and services by a state. Countries that are highly ranked economically comprise of the developed countries while developing countries have an unstable and weak economy. For developing countries to experience rapid economic growth, they should attract inexpensive capital to improve their production and invest in new businesses, and have access to new international markets for the purchase of goods and services. A rapidly growing economy leads to a wide range of benefits for a country. This paper focuses on the impact of a rapidly growing economy on a family.

Economic growth translates to profitability for businesses which results in a rise in stock prices and companies; therefore, get capital to invest and hire more workers. Consequently, it has a positive impact on families for various reasons, such as employment. When more jobs are created, families benefit from increased income which helps cater to a wide range of family needs. Consequently, a family will enjoy improved standards of living. For instance, people in Cuba and Brazil, who had economies based on cash crops where the elite controlled the plantations and the ordinary citizens tilled the lands, benefitted when their economies grew. People’s standards of living improved; they had diversified jobs and could even get time for leisure activities (Griffiths, et al. 2017).

According to Griffiths et al. (2017), rapid economic growth brings about increased opportunities. With increased opportunities, all members, of a family, who have attained work requirements can engage in different economic activities. Improved working conditions such as insurance covers for workers and their families and the provision of company cars for personal use go a long way into benefitting families. With numerous opportunities, members of a family may enjoy the opportunity to move from one job to another instead of taking a single job entirely (Griffiths, et al. 2017). However, separation may occur when some members have to work away from the rest of the family. Such instances have resulted in long-distance relationships which post a significant number of challenges. Besides, the emergence of new cities and industries result in urbanization, and workers move to urban areas, which are the centres of economic activities.

Growing economies go hand in hand with technological advances. The advances have a positive impact on families. For instance, mobile technology has helped steer business communications, yet still, it has enabled families to connect and keep in touch at all times regardless of distance. Also, in a growing economy, the government expands its provision of public services such as access to health care and schools (Griffiths, et al. 2017). Availability of such services improve the standards of life of families and goes a long way into shaping their future.

I chose this topic because I recognize the family as the primary unit that makes up a society; therefore, anything that affects it is of personal interest to me. I wanted to find the impacts that a rapidly growing economy have on this basic unit of the society since its well being translates to the well being of a community at large. I believe that a rapidly growing economy has more positive impacts on families than the negatives. It shapes and strengthens families by availing employment opportunities, improved work conditions, growth of cities, and increased government provision of social amenities, among others. Therefore, I agree with the author regarding the topic.

Work Cited

Griffiths, Heather, et al. Introduction to Sociology 2e. OpenStax College, Rice University, 2017.