The competition and profit-making motives bequeath innovation and economic growth through capitalism which should greedily grasp more customers hence increasing its market size. Of different benefits that come with competition, creating new products, services, and technologies alongside making efficRead more
The competition and profit-making motives bequeath innovation and economic growth through capitalism which should greedily grasp more customers hence increasing its market size. Of different benefits that come with competition, creating new products, services, and technologies alongside making efficiency and cost-cutting would lead to increased productivity; thus economic growth.
Inequalities; it gives rise in wealth inequality bringing about a very insignificant section of people absorbing most wealth.
-Market failures: at times, it also fails to allocate resources efficiently; markets fail as it is in the cases of monopolies, externalities, and the likes where it is about informational asymmetries.
-Interest in the near future: capitalism is often accused of taking a very short-term stance than others about achieving profits over investing in sustainable development possibilities for the future.
-Environmental and social costs: Profit making sometimes may turn into assets of negative social and environmental costs like worker exploitation and pollution.
Human activities such as unregulated construction and tourism have heightened the risk of natural calamities in ecologically fragile regions like Kedarnath. Rampant construction without proper appraisal of environmental impact has resulted in deforestation and soil erosion, and has also interfered wRead more
Human activities such as unregulated construction and tourism have heightened the risk of natural calamities in ecologically fragile regions like Kedarnath. Rampant construction without proper appraisal of environmental impact has resulted in deforestation and soil erosion, and has also interfered with natural water drainage systems, increasing the susceptibility of the area to landslides, floods and other natural disasters. The devastating Kedarnath flood disaster in 2013 brought this into focus when haphazard buildings and roads compounded the loss of lives and property.
Tourism though economically beneficial, has caused too much environmental degradation in the region. The inflow of visitors makes it necessary to put up a lot of infrastructure which in turn consumes large tracts of natural habitats and also generates more waste, thus polluting the environment further.
To achieve sustainable development in such regions, it is of primary importance to enforce environmental laws. Construction in general, must be limited and if at all undertaken then only using eco-friendly practices. Similarly, promotion of eco-tourism involves locals and reduces environment impacts. Reforestation should be promoted at construction sites, waste should be properly disposed off and sustainable construction materials should be used.
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