How to close the development gap?
Potential Solutions and Challenges
The development gap has been widening in the last decades, resulting in increasing inequality across the globe. The UN Sustainability Development Goals set targets that demonstrate progress- but how do we get there? According to renowned economist Joseph A. Schumpeter, entrepreneurship is the:
“fundamental phenomenon of economic development.”(1934 , pg.75).
As entrepreneurship continues to grow, it will certainly continue to be an important vehicle for the advancement of development in emerging economies. Innovative solutions are necessary to tackle increasingly challenging problems. However, it is not the only solution. Below we provide other proposed solutions to the development gap and some of the shortcomings of these approaches.
Schumpeter, J.A. (1934), The Theory of Economic Development, Harvard University Press, Cambridge, MA.
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