Tamilakhon Khaydarova.
How do nations obtain power and wealth?
Abstract.
This small research paper examines the factors that have an influence on successful pursuit of power and wealth by different nations. It covers various aspects like historical context, the role of literacy rate, effective government or political stability, providing coherent examples on each of them.
It concludes with an emphasis on the fact that all of the measures taken for the empowerment or enrichment of the country should not have a negative impact on the environmental sustainability or the well-being of the population as it may develop long-term issues globally.
Key words: power, wealth, nations, resources, effective government.
Throughout history, the quest for power and wealth has been driving force behind the actions and aspirations of nations. The pursuit of these objectives has shaped the course of civilizations, sparking explorations, fostering trade, and propelling advancements in science, technology, and governance.
Actually, there is no single formula for success, but rather a combination of factors that contribute to the rise and prosperity of nations.
First is historical context. From the mighty empires of ancient times to the modern nation-states of today, power and wealth have been sought through various means. The accumulation of resources, military prowess, territorial expansion, technological innovation, and efficient governance – some of the archetypal elements that have traditionally propelled nations towards power and wealth.
Resources Acquisition. The availability and control of valuable resources have historically played a critical role in a nation’s ascent to power and wealth. All nations have comparative advantages over one another because there is no nation without natural resources like land and people located in a unique environment.[i] Nations rich in natural resources-such as fertile lands, minerals, or energy reserves-have often enjoyed a comparative advantage in trade and economic growth. The judicious management and utilization of resources, combined with sustainable practices, can lead to economic stability and prosperity.
Trade and Commerce: the establishment of robust trade networks and the fostering of commercial relationships have been instrumental in the rise of nations. Countries that are open to international trade tend to grow faster, innovate, improve productivity and provide higher income and more opportunities to their people.[ii] Trade allows nations to exchange goods, services, and ideas, creating opportunities for economic growth and prosperity. Encouraging internships, investing in infrastructure, and embracing globalization can strengthen a nation’s economic standing and enhance its influence globally.
Technological Advancements: it is widely accepted that technology is the key driver of economic growth.[iii] Nations that harness and advance technology often find themselves at the forefront of progress. Scientific exploration and technological innovation have the potential to revolutionize industries, improve productivity, and bolster national power. Investment in research and development, fostering environment that encourages innovation, and collaboration between academia, industry, and government can pave the way for technological breakthroughs and subsequent wealth creation.
Education and Human Capital: The development of a highly skilled and educated workforce is indispensable to a nation’s long-term success. Nations that invest in education and prioritize human capital development empower their citizens to contribute actively to economic growth, technological advancements, and societal progress. Accessible and quality education, vocational training, and programs that promote lifelong learning are essential pillars for nurturing a knowledgeable and adaptable workforce.
Political stability and presence of effective governance structures also provide the foundation upon which nations can thrive. A stable political environment ensures the continuity of policies and fosters investor confidence, attracting foreign direct investment and promoting economic growth. Transparency, accountability, and combating corruption are essential components of effective governance, ensuring fair distribution of resources and opportunities, thus driving societal progress.
Overall, obtaining power and wealth for a nation is a complex and multifaceted journey that requires a combination of factors and careful nurturing. It requires strategic resource management, robust trade networks, technological innovation, investment in education, effective governance. However, it is crucial to note that the pursuit of it should not come at the expense of equitable development, environmental sustainability, or the well-being of the population.
References:
[i] https://punchng.com/developing-the-wealth-of-a-nation/
[ii] https://www.worldbank.org/en/results/2018/04/03/stronger-open-trade-policies-enables-economic-growth-for-all
[iii] https://rcc.harvard.edu/knowledge-technology-and-complexity-economic-growth#:~:text=In%20economics%2C%20it%20is%20widely,is%20what%20prosperity%20depends%20on
Bibliography:
- A Well-Educated Workforce is Key to State Prosperity. Noah Berger and Peter Fisher. 22 Aug, 2013. [ https://www.epi.org/publication/states-education-productivity-growth-foundations/ ]
- Developing the wealth of a nation. Olufemi Oyedele. 3 May, 2022. [https://punchng.com/developing-the-wealth-of-a-nation/ ]
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- Strong Open Trade Policies Enable Economic Growth for All. 3 April, 2018. [ https://www.worldbank.org/en/results/2018/04/03/stronger-open-trade-policies-enables-economic-growth-for-all ]
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- Why Are Some Countries Rich And Others Poor? Scott A. Sep 2017. [ https://research.stlouisfed.org/publications/page1-econ/2017/09/01/why-are-some-countries-rich-and-others-poor/ ]