Economic Redevelopment: What Works, What Doesn't

Question 1 

Economic Development is the expansion of a country's wealth through activities and programs implemented by the government to lift the living standards of the people and increase the gross domestic product; hence, it reflects on the country's political, social, and economic progress. The creation of new businesses, enhancing the businesses that exist, and business expansion are the three dimensions that lead to economic development (Bernier, 2011). A country's governing body is responsible for ensuring economic growth and development are secured. 

Question 2 

Political factors can affect the economic development of a country in various ways. Firstly, the country's regime type determines whether the economic development is taking place within the country. Regime type is the different ruling types within a country such as dictatorship, communist, democratic, and others. In democratic countries, people are allowed to apply for loans and hence build companies, and as the business expands, employees are paid different salary rates depending on their types of work and hence allows for economic development. However, in a communist country, employees are paid equal salaries and prevent economic development. Secondly, political instability highly influences the country's economic development such that when it experiences internal conflicts, this makes the country's system less stable and hence a decrease in economic development. In contrast, politically stable countries can make wise decisions concerning their economic development due to peace in the internal structure. 

Thirdly, corruption also influences economic development in that dishonesty, and other forms of illegal practices within a country can cause some business owners to feel jealous about other's prosperity. For example, a coming-up company can show promising results in terms of profit. However, another company may feel that the former needs to stay out of the field of business. Therefore, this person may pay a government official or authority to investigate any company's little mistake (Pereira & Teles, 2016). This leads to a reduction in that country's economic development since competition among businesses would be irrelevant due to corruption. This may also lead to monopoly forcing people to more money for their services at normal prices. 

Lastly, political management affects the economic development of a country. This aspect includes how the government checks and reviews the business policies and laws that govern that particular country. According to Missouri Department of Economic development, copyright and piracy laws are among the laws that ensure that businesses operate through the cash that flows in and out of the businesses and, therefore, is necessary within countries. However, for the countries that do not take these laws seriously, businesses continue to experience losses; hence economic development reduces. For example, music companies need to sell their music to gain profits; however, when a certain country does not reinforce the copyright and piracy laws, people will be prone to download music illegally; hence, the company experiences significant losses. This eventually affects the economic development of that country. 

Question 3 

The governor is responsible for NJ's Economic Redevelopment in emphasizing the economic base of the state hence expanding the economic growth and development. Additionally, the governor creates public-private partnerships that give NJ the opportunity to expand its economy through capital provision (O'Neill, 2015). NJ's economic redevelopment will ensure that the state experiences profits through the expansion of businesses and enhancing the businesses that exist. All these processes will be directed by the governor and cases where adjustments must be made. He will ensure that he consults with his other officials before making any implementations. Therefore, the governor is in charge of executing directions in NJ's economic redevelopment. 

References  

Bernier. (2011, February 27).  Two approaches to economic development . NBDC Report.  https://nbdcreport.wordpress.com/2011/02/27/two-approaches-to-economic-development/ 

Missouri Department of Economic development, (2016, April 11) retrieved from; 

https://ded.mo.gov/business/Strategic-Initiative-for-Economic-Growth-old 

O'Neill. (2015, June 10).  N.J.'s economic growth ranks near bottom in U.S . nj.  https://www.nj.com/business/index.ssf/2015/06/economic_activity_inched_up_in_nj_in_2014_but_stat.html 

Pereira, C., & Teles, V. (2016, July 28).  Political institutions, economic growth, and democracy: The substitute effect . Brookings.  https://www.brookings.edu/opinions/political-institutions-economic-growth-and-democracy-the-substitute-effect/