Advantages and Disadvantages of Rapid Economic Progress

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However, apart from the degradation of environment due to rapid economic progress, poverty reduction is one of the positive aspects that developed economy provides to nations. Because of the boomed economy, the economic power of governments is able to be improved and the government revenue has kept growing. Consequently, governments can set a loosening budget for the impoverished family. Taking Taiwan as an example, a variety of welfare policies including cash allowances are conducted by government for poor household due to its economic performance, and the number of involved families and the amount of money both increased (Hsieh,2002; Hsing, 2002). Furthermore, Ijaiya et al. (2011) reveals that the growth of economy also contributes to reducing poverty through increasing in employment among the poor. Because the economic growth expands the international trade and it needs enhance the productivity to maintain and pursue the international competitiveness. That is to say, more labor forces are demanded and more opportunities for productive activities are available to poor people.

In addition to poverty reduction, economic progress also makes a contribution to promoting the higher education. With the development of society and economy, the commercialization is the trend of higher education. And there is a closer relationship between economy and tertiary education. First, the economic development has the ability to increase the quality of education (Wang et al., 2004). For example, the teaching content and methods have been changed which are more suitable to the modern society. Specially, the content in higher education not only includes more science and technology but also is more practical which is beneficial to future career. And more advanced teaching media are applied in the educational methods. Second, the economy also enhances the public higher education.