“Education is the most powerful weapon which you can use to change the world”,
(Mandela). Many nations have found faith in education and have benefitted from long term
growth of its economy. Education provides a country with more enlightened bunch of people that
contribute towards making their country prosperous. The magnitude of education in a country’s
success is immense but is it the only element that differentiates a developing country from a
developed one? Development of a country is dependent upon many pillars; each pillar has its
own importance. Although, education is one of the important factor in development of a country,
there are several other factors like the natural environment, the political stability and the
economic policy making which play important role in development of a country.
Availability of natural resources leads to development as it creates exports and provides
governments with revenue to deliver services to their citizens. Availability of natural capital such
as oil, coal or minerals makes it easy for a country to extract it and use it. Otherwise a country
which lacks such natural resources has to spend large amount of their monetary resources in
importing them from other countries. Moreover, such a country can earn large amount of foreign
reserves by exporting these ample resources to various other countries. A good example can be of
middle-eastern countries like United Arab Emirates or Saudi Arabia who were once mere deserts
but happened to be sitting on largest oil reserves in the world and then becoming one of the most
developed countries today. In addition to this, natural resources provide copious benefits in terms
of renting areas with natural assets to foreign multinational firms so that they can extract them
and thus provide a source of income for the domestic country which in turn can be further
invested in providing public and merit goods like healthcare facilities, education and many more
which are essential for a country’s well-being. Therefore, effective utilization of natural
resources is conducive to an advanced country, provided that the country uses it conservatively
thus providing the benefits of natural endowments to other generations.
Economic policies can have a major impact on the development of a country in terms of
stable business environment and improved standards of living. Economic policies are made by
government for the overall betterment of the economy. They are basically controlled and
managed by the government. The economic policies have a great impact on the business activity
in terms of production and investments. Such policies may include manipulating interest rates,
tax rates, government spending and exchange rates or changing the entire structure of the
economy. Economies that were once operating on communal lines shifted to capitalism and thus
thrived in the business world. One such country is China that have recently been under limelight
