4 Impact of Economic Systems & Reforms

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Impact of Economic Systems & Reforms Impacts can be on the following facets Income distribution  Employment  Resource Consumption  Environment  Foreign dependence  Quality of people’s lives Income distribution  When economic reforms lead to fast growth, there are possibilities of huge economic inequalities as the growth would be faster in some industries compared to many others which would be lagging.  Such inequalities in growing economies show massive poverty, malnutrition, illit
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  Impact of EconomicSystems & Reforms  Impacts can be on the followingfacets-  Income distribution  Employment  Resource Consumption  Environment  Foreign dependence  Quality of people’slives  Income distribution  When economic reforms lead to fast growth, thereare possibilities of huge economic inequalities asthe growth would be faster in some industriescompared to many others which would be lagging.  Such inequalities in growing economies showmassive poverty, malnutrition,illiteracy. It can also lead tolow savings, low productivityand low wages.  Employment  Better economic reforms does notnecessarily mean more employment.There might be growth in industries due tonew technological processes which mightinfact reduce the need for manpower. Butsuch changes will gradually slow down theeconomy with increasing unemployment.  The state has the responsibility to avoidwastage of human resource, motivateadoption of appropriate technologies,employment oriented schemes andfinancial aid.
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