Question

What is the connection between Individualism, Collectivism, and Economic development?

*200 words please, someone who writes English well* thank you:)

Answer 1

An individualist society favors loose ties between individuals,where everyone is expected to look after themselves where as collective society believes in loyalty ,cohesion among members and imposes mutual obligations upon them.

Question asks about the connection between these two and how they altogether effect and in turn get effected by Economic Development.

It is been argued by Economists that-

1.Economic Development is hindered by collectivism and facilitated by individualism. Supporter of this give more importance to individuals rights,liberty and for them individual will attain his/her maximum potential in the presence of these basic rights and individual's development will ultimately leads to the development of society.they do not supports collectivism because it restricts individual's liberty for the sake of society.

2.Economic Development is enhanced by Collectivism and impeded by individualism. Its supporters gives importance to community rights hence gave preference to equality or equal distribution of resources over liberty or rights.

These two not only effect Economic development and its pace but also get effected by it.Term development indicates positive developments in social and economic parameters of individual as well as society like Education,health,women empowerment and other human development indicators because they will ultimately lead to Economic development of society as a whole.

Economic development brings prosperity to individuals as well as for society.It makes them meritocratic and knowledgeable hence ensures accountability of government which in turn ensures good and effective governance, rule of law,reduce corruption and nepotism like activities and these will again give rise to more empowered citizen and society.

Hence we can conclude with the idea that all three are interdependent on each other because for a sustainable and inclusive economic development Liberty can not be divorced from Equality and vice versa.Without equality,liberty would produce supremacy of few over many.Equality without liberty would kill the individual initiative.