This conversation is closed.

Our lack of resources is hindering our opportunities for economic growth

Does the lack of resources hinder our opportunities for economic growth, or is it just an excuse. Do we really need a vast number of resources and diverse products to improve our economy. Consider Maldives, a small island archipelago in the Indian ocean. When taken into account the population of Maldives ( 350,000 in the last census in 2005 ) the GDP per capita is very high. In reality almost all the money goes to the hands of the same people of the tourism industry. The only resources abundant in Maldives is fish. Maldives was a fishing community when tourism was introduced in 1960's and now tourism dominates the economy. But still the resources are not diverse nor abundant. Maldives relies on neighboring countries for food and other things.
the point i am making with Maldives is that Maldives is not country with many resources but its economy is growing steadily.
So does our lack of resources hinder our opportunities for economic growth?

  • May 3 2014: "Our lack of resources is hindering our opportunities.. " to consume them. Seas are rising. Maldives beaches are shrinking. The atmosphere is becoming more humid. Maldives sun will be more obscured by clouds.
  • thumb
    Apr 29 2014: The way I see it economic growth is all about managing your resources. Having an abundant flow of resources in your country makes it easy to start a new business, but there are many other important variables such as environment, the country's politics, possibility of future growth etc, some countries which lack abundant resources can also experience economical growth. From my point of view economical growth anywhere is greatly influenced by the business strategy, long term planning and business versatility etc, and to also have a good perspective of how the economy will evolve in the future by analyzing past and current tendencies.
    • May 4 2014: The fact that economic growth does not rely completely on the amount of resources is true. You did provide some insight into this.
  • Apr 29 2014: Ahmed

    What lack of resources are you referring to and where? Are you comparing the Maldives to the US?
    • May 3 2014: Lack of resources in any country. Consider Maldives. A small country, with little resources. Cant farm easily due to lack of fertile soil. Most of goods are exports. BOP in deficit for a long time. Exports include mainly fish products. Tourism is the largest industry in Maldives.
      I am not comparing Maldives to US, but when you brought it up, US is a country with many vast variety of resources. So if US was lacking some of its resources, would its economy be affected drastically, or could the resources be utilized and used in a way that economy still rises at a steady pace.
      • May 3 2014: Ahmed

        I have to express my ignorance, as I know very little about your country. I am assuming the Maldives is your home and country? With some research however, it would that seem that you have more than resource problems.
        The US is very fortunate in terms of natural wealth. More importantly, was the freedom to use and exploit those resources to great wealth and achievement. The oil boom was well under way here in the mid 1800 and a John D. Rockefeller was the man responsible. I mention this because whale oil was being used, which was increasing expensive and difficult to find. Rockefeller changed that. Even today our easy oil is gone but capitalism has found the solution in shale and our oil production and resource now rivals anyone else, save the interference of our government that seems bent on making the US a third world nation.
        The Dust Bowl here in the 1930s turned the USA Ag industry upside down which was in part caused by over use of the land and mechanized farm equipment and greatly impacted the government induced Great Depression. This was solved with work between capitalism and government. A new understanding of the land and how to best use this great resource was achieved.
        A balance of resource must be maintained and protected. The question is; to what end? The human mind combined with capitalism and with an oversight by government is too, a balancing act. It is the human mind and capitalism however that solves such problems.
        The fraudulent claim of a man made climate change that will destroy the planet is just that. It is this claim that can unbalance the free market and place us all under an authoritarian rule.
        In my research of the Maldives you seem to be under Sharia Law and a continuous chain of corrupt government officials. That your country would see fit to use capital punishment for a child of seven years of age speaks loudly to greater problems than the management of resources.
        Yes, tourism is not a foundational resource. Unleash capitalis
        • May 4 2014: Yes. I am well aware of the corrupt government officials, and other things that is going on in Maldives. But, all of that aside, what would be your say in the topic
      • May 4 2014: Ahmed

        After more research into your country and the current governmental system, quite frankly, you have a problem. The tourist industry seems to be flourishing, but this is not a solid foundation and is particularly prone to corruption. You, as we here in America face similar problems. It seems that there is a great deal of UN influence and control, which is promoting an environmentalist agenda hindering growth and than the government itself. That an evacuation of The Maldives because of the fraud of global warming would even be suggested speaks to an atmosphere of fear mongering.

        As I said in the previous post, unleash capitalism. That was much to simplistic and certainly not in your power. It would seem that the people of The Republic of Maldives are a strong and resilient breed, but are stuck in a religious and cultural mindset prone to accept a, 'what is' rather than 'what could be'

        For America, The American Revolution and The Bill of Rights placed religion, religious control, and the cultural mindset of a kingly or authoritarian rule aside and capitalism and freedom flourished; not without problems and too, we did not have 1200 islands to content with.
        When the President is elected by secret ballot you can have nothing but problems and a supposed democracy, democracy is not synonymous with a free society, as we are learning here.

        You cannot solve any of your country's problems if you fail to deal with that which has the greatest control or influence over the people. You cannot cure a cancer if it is diagnosed as a minor abrasion.

        You have a beautiful country. It needs a beautiful government and with that the freedom of the people to achieve.
  • Apr 29 2014: A writer can attain wealth with time and ideas, but that wealth will be used to acquire resources, so...yes.
  • Dee Emm

    • +1
    Apr 29 2014: Lack of resources is not always a hindrance. The will to get things done changes the landscape when people are happy working together, for together they accomplish more. Thats the difference: partnership, trust, security, these are built just as is the foundation of family.
  • thumb
    May 12 2014: While resources are important to growth, creative and innovative thinking are the major determinants for economic and cultural growth of any nation.
  • May 8 2014: Of course lack of resources hinders some kinds of growth. You can't build certain products if you do not have the resources or are unable to trade competetively to get them. That doesn't mean that you CAN'T do something, just that it may be difficult or economically unviable. On the other hand you can easily out-compete others in certain areas. Mountainous Nepal cannot lure beach-loving tourists just as you cannot lure mouintain climbers. You'll have to choose your battles wisely.

    Resources are not the only consideration. Culture, religion, education level, social attitudes, racial issues and form of government can have just as big a role. For example, your government leans towards Sharia Law, with your religion being Islam. That eliminates a tremendous amount of opportunities for your country, in my opinion dooming it forever. If that aspect of your country doesn't change then it will be a blessing for the world when your last island slips beneath the waves. At some point you'll have to make a choice between the cancer that is Islam and the opportunities other political and religious systems can give your people.

    The reverse can also be true: focus on Islam may generate tourism from Muslims seeking recreation within the boundries of the religion, with outside influences rejected. Just look at Mecca. But be advised that such a bubble of reality can easily pop, leaving you with nothing. Not to mention that such religious isolationism is undesirable to most of the world, thereby limiting your prospective clients. Again, look at Mecca: I can never go there because I am happily a decadent American Infidel.

    I'l look at it this way: Use your advantages. You have sun, sea and sand. Now which goes better with those resources? Burkas or Bikinis?
  • May 3 2014: Charles Hunsinger, I am not comparing Maldives to the US. There is no comparison to any other economic systems of any country here.
    That being said, Maldives is a small country with not much resources. Would this hinder the Maldivian economic growth in any way. It certainly means that Maldives can produce very few goods.
    Maldivian exports are very less compared to the imports of Maldives. The country is very dependent on other countries for resources, food, and other necessities. So does this reduce economic growth, and if so, how can we minimize this
    Maldives have some valuble resources that can bring a lot of profit. Consider the fish. Tuna account for the majority of the exports of Maldives. The natural beauty attracts tourists from the four corners of the globe. So can these valuble resources make up for the lack of vast quantities of resources in Maldives. *Important note* Maldives has a really low population of 350,000
    So what is up for discussion
    - Does lack of resources hinder economic growth ( in any country )
    - What about a small country like Maldives.
    - Can we utilize existing resources and use them to there full potential to improve economic growth and make up for the lack of resources
    - Is imports a good idea to increase resources of a country, where resources are less
    - Consider Maldives in utilizing tourism, fishing to increase economic growth
    ~ All the questions about Maldives is because I am Maldivian and I am curious :D
    • May 4 2014: Trade. "Sun, sea and sand" is a resource, abundant in Maldives. "Remote paradise."