Question

Pick a region within Venezuela or Colombia. How has its economy changed since Independence? How has that economic change impacted the social well-being of the residents of that region?

Answer 1

Colombia initially turned into a sending out locale in the sixteenth century, under the Spanish arrangement of mercantilism. Spanish supreme control characterized quite a bit of Colombia's social and monetary advancement. The state turned into an exporter of crude materials, especially valuable metals, to the motherland. With its frontier status came an exceedingly organized financial framework in view of subjection, obligated bondage, and constrained remote contact. Following the War of a Thousand Days (1899-1902), Colombia encountered an espresso blast that launch the nation into the cutting edge time frame, bringing the specialist advantages of transportation (railways) and interchanges foundation and the primary significant endeavors at assembling.

The period 1905-15 has been portrayed as the most critical development stage in Colombian history, described by an extension of fares and government incomes, and in addition a general ascent in the total national output (GDP). Espresso contributed most to exchange, developing from just 7 percent of aggregate fares in the 1870s to about 75 percent by the mid-1920s.

The outward indications of development, genuine defects stayed in the Colombian financial framework. The advantages of financial development accumulated lopsidedly to the fare part, urban communities, and assembling gatherings, with maybe as much as 70 percent of the populace accepting practically zero advantage from this time of extension. Skewed wage examples would proceed all through the twentieth century, as assembling and administrations created and ended up noteworthy parts of the national economy. The quick development and improvement of the economy in the mid twentieth century arranged Colombia for the financial issues that went with the Great Depression of 1929. Colombia kept on delivering crude materials, and despite the fact that espresso costs fallen amid the melancholy, yield kept on extending.

Change in Economy has impacted social well-being of the residents :-

1. There is a significant increase in access to public sector services and an equally significant expansion in the size of public sector spending, which in turn resulted in various tax reforms to finance rising spending.
2. Access to public sector services has indeed expanded and has improved living standards, particularly in rural areas.
3. The most dramatic has been access to health social security, which increased from 24 percent in 1993 to 91 percent in 2012.
4. In turn, the coverage of secondary education increased from 43 percent to 72 percent over the same period.
5. This also reflects the fact that access to clean water and electricity increased much more in rural than urban areas, where coverage was high in 1993.
6. There are also large differences in quality and strong segmentation in the provision of social services received by the rich vs. the poor. The administration of service provision also remains a problem, notably in the case of social security health.