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Role Of Geography In Economic Development

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Evaluate the role of geography and institutions in economic development

One of the most prevalent problematics that are raised when examining the distribution of wealth globally lies in the varying levels of development and poverty from a country to another. And while economic growth can be observed by various angles, Some of the first aspects which are usually approached during the observation of the economic development of a country, or even a particular area is the capital collection, the technological resources and the projected profitability of the local businesses.1 The establishment of the industries that might eventually lead the economy of one particular region to prominence require solid bases that are usually overlooked or simply …show more content…

Distance from major ports, inaccessibility and wilderness are some of the reasons entrepreneurs favour developed economic centers over attempting new openings in disadvantaged areas. In China, for example, the bulk of the investments appear to be made into coastal regions and the disparity with continental areas is noticeable, whereas in Mexico, even if the role of geography is more limited, the effect of climate and natural conditions on the socio-political structure is still observed as one of the reasons for the slow economic development. Even Muhammad Yunus, one of the leading figures in micro financing, recognizes the difficulties a country like Bangladesh might have due to its natural traits and phenomena (Yunus, …show more content…

Investors will flock to well established financial centers because the need for new infrastructures and policies will be minimal; transport costs are eliminated and the exchange of ideas within the cluster of industries is easier and far more rapid. This - among others - is one of the reasons for which Ireland has seen a large amount of investments in the social networking sector, as multinationals took into consideration the presence of other key firms in their industries (Shatz and Venables, 2003).

In other words, the placement of a startup company is of vital importance for its success and the development of the area that hosts it. However, geography does not necessarily affect economic growth on the long run - once the newly formed economic centers, however minimal they might be, start opening pathways to pre-existing economic hubs, distance and inaccessibility might stop playing a significant role, since the cost of transportation has significantly decreased. This is also the stage where institutions need to be solid and adaptable enough to control and guide nascent

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