Most countries develop their economies to improve living standards. Some people are afraid that it will cause degradation of important social values. Do you think the advantages of this trend outweigh the disadvantages?

Economic development is always one of the most pivotal aspects that most countries strive to improve for the sake of their people. Yet, some hold a contentious view that it will result in deterioration of social values. Just like everything, developing a better economy has both pros and cons and I personally believe the merits outweigh the drawbacks.

One the plus side, a prosperous society can attract oversea investors and bring offshore funding into local economy. These entrepreneurs may invest money in building factories which in turn creates job vacancies and thus reduces unemployment. Moreover, those people often introduce new technology to the country that may improve the productivity of local businesses. Furthermore, allowing them to compete with local companies has an economic benefit since competition can lead to cheaper goods with high qualities. Therefore, people can be benefited from the lower living costs.

However, people has been becoming ruthless along with the continuing economic expansion. There are more and more opportunists who strive for their own interest regardless of others’ wellbeing. For instance, it is very common that some companies do not provide reasonable remunerations for their workers aiming at cost reduction. In addition, people are occupied by their ambitious career developments resulting less time spent with their families. Work-related competition also forces those people to be isolated form their colleagues. It is those factors that have driven people to be selfish.

To conclude, although the drawbacks cannot be avoided, a well-developed economy brings positive outcomes that significantly benefit the people in that economy and improve the overall living qualities. Thus, it is essential for countries to develop better societies economically.