'N beleidsraamwerk vir sinvolle ekonohiese ontwikkeling

Abstract

This study examines the obstacles to meaningful economic development in less developed countries and proposes a policy framework to promote sustainable and equitable development. The study recognises that economic development is a multidimensional process involving both economic and non-economic factors and therefore cannot be achieved through capital accumulation alone. The research examines different interpretations and theories of economic development and uses these perspectives to analyse the interconnected causes of underdevelopment and the vicious circle of poverty. Development objectives are subsequently identified as a basis for formulating an appropriate policy framework. The study argues that meaningful economic development requires coordinated attention to population growth, human resource development, the provision of basic needs, employment, agricultural and industrial development, capital formation, the effective functioning of markets, government policy, and international economic relations. The findings indicate that the vicious circle of poverty is reinforced by factors including rapid population growth, weaknesses in market mechanisms, low capital productivity and capital accumulation, inadequate political commitment, and unhealthy international relationships. The study concludes that meaningful economic development requires an integrated and multidimensional policy approach involving both less developed and developed countries. Such an approach should promote improved living standards, economic opportunity, self-reliance, and greater equality while addressing the structural economic and non-economic barriers to development.