what are the difference between the traditional and the new economy goal to promote development in deloping nations?
How does your text define these terms: traditional and new economy?
To understand the differences between the traditional and the new economy goals for promoting development in developing nations, we need to first identify the key characteristics of each approach.
The traditional economy focuses on industries and sectors that have been established for a long time and have dominated the global economic landscape. This approach tends to prioritize sectors such as agriculture, manufacturing, and extractive industries (e.g., mining and oil), which have traditionally been central to economic development.
On the other hand, the new economy is characterized by a shift towards knowledge-based industries, technology, innovation, and services. It is driven by advancements in information and communication technologies (ICT), digitalization, and automation. This approach prioritizes sectors such as information technology, software development, e-commerce, renewable energy, and creative industries.
Now, let's examine the differences between their goals in promoting development:
1. Job Creation: Traditional economy goals often focus on labor-intensive industries such as agriculture and manufacturing, seeking to create employment opportunities for a large number of people. In contrast, the new economy goals aim to create high-skilled jobs in sectors that require technological expertise and innovation.
2. Economic Diversification: Traditional economy goals revolve around diversifying the economy by promoting and expanding existing sectors like agriculture and manufacturing. The new economy, on the other hand, promotes diversification through the development of knowledge-based and service-oriented sectors, reducing dependence on traditional industries.
3. Technological Advancement: The new economy emphasizes the use of technology and innovation as a driving force for development. It focuses on investing in research and development, digital infrastructure, and education to foster technological advancements, while the traditional economy may place less emphasis on these aspects.
4. Global Competitiveness: In the traditional economy, the goal often revolves around achieving competitive advantage in established industries by streamlining production processes and reducing costs. In contrast, the new economy goals focus on cultivating competitiveness in emerging sectors like information technology and services, with an emphasis on quality, innovation, and global market access.
Ultimately, while the traditional economy goals aim to build upon existing sectors and resources, the new economy goals seek to leverage knowledge, technology, and innovation to propel development in an increasingly digital and interconnected world.