Promoting Sustainable Economic Growth And Industrialisation: Solution To Mass Unemployment And Poverty

Fe Ogbimi

doi:10.4314/ajtcam.v4i4.31249

Abstract

This paper analysed the twin-problems of unemployment and poverty. The methodology adopted in the analyses was a combination of the historical and logico-mathematical research perspectives. The results showed that the technologically advanced nations (TANs) experienced mass unemployment, low productivity, high inflation and prevalent poverty problems for many centuries before they achieved industrial revolution (IR). When they achieved the modern IR, not only did the mass unemployment problem disappear, but also, there were not enough adults persons to fill the employment openings created by the industrialisation. Consequently, industrialists resorted to employing children who worked in factories for many hours everyday, and prevented them from receiving education. Unemployment and poverty, therefore are symptoms of stagnation and lack of industrialisation (the disease). The long-term solution to mass unemployment and poverty therefore is industrialisation, for there is no industrialised nation that is poor. The short-term solution is promoting sustainable economic growth and competence-building. However, because achieving sustainable economic growth, competence-building and industrialisation are learning processes, Nigeria and other developing nations need to develop good educational systems. They should also establish suitable frameworks for training university graduates, scientists and engineers in particular in a curriculum-based scheme to acquire complementary practical skills in the economy outside campuses. This is how the poor nations can achieve sustainable growth, build-up individual and national competence, promote industrialisation and eliminate unemployment and poverty problems, speedily.

Highlights

Think before you act! This injunction is an important one to heed, because it warns that unless we understand a particular problem and our conception of it is correct, we cannot solve it
All structures like road and telecommunication networks, industrial plants, real estate, automobiles, aeroplanes, furniture, etc., on the other hand are depreciating assets (DAs), because their values depreciate with usage and ageing
It was found that European nations experienced mass unemployment and prevalent poverty problems for almost 2000 years, achieved Industrial Revolution (IR), and solved mass unemployment and poverty problems

Summary

Introduction

Think before you act! This injunction is an important one to heed, because it warns that unless we understand a particular problem and our conception of it is correct, we cannot solve it. Promoting sustainable economic growth, competence-building and rapid industrialisation is the solution to mass unemployment and poverty in any society. A common belief in an agrarian economy is that the real solution to unemployment and poverty is to provide land for able people to farm and make a living by themselves This thinking probably influenced the actions taken by individuals and government concerning England poverty and unemployment problems during the early 1600s (DeFleur et al, 1977). Industrialisation and development (SEGID) is a learning process (Ogbimi, 2003). When a person commences an educational or apprenticeship programme, he or she begins from the novice level and advances to the position of the expert The growth achieved this way builds up competence and it is sustainable. We cannot erect power plants in an artisan economy and expect regular electric power supply

B Post-industrial economy

Findings

Summary and Conclusions