Emerging a social policy where resources were owned communally

Emerging markets are key to development and growth of many
states economies in the world because of markets extension for their surplus
disposal.  According
to Dimitrijevic & Mistele (2017), the emerging markets involve world states economies that
are working towards advancing in industrialization and increased growth within
their countries. Several countries are working hard to obtain market expansion
and extended market segments for more sales. More efforts must be applied by
countries to improve their economic status in an endeavor to increase new
markets. However, the majority of the countries are still trapped in challenges
to penetrating in the emerging world market due to some key reasons. Most of
the countries are hindered to enter in the emerging markets by their political
instability, long time of foreign interventions, lack of insight in modern
businesses and gradual development in industrialization. Therefore, the paper
seeks to explore the future prospects of the developing countries to become
developed nations choosing Tanzania as the case study.

It is my conviction that developing nations will once
achieve their dreams of being among the developed states in the world. In this
context, Tanzania is my case study which is located in the Eastern part of
Africa and among the largest countries in the African continent. The history of
Tanzania started before it acquired its independence from its colonialist
(German) until the current state where the country is a republic. Tanzania is
one of the African nation that faced numerous challenges in attaining its
independence from their colonial masters. The resistance heightened when the
colonialist alienated their land as an important factor of production and
denying independence to the local people. Political stability is one of the key
factors considered in investment and market expansion. Therefore, war
rebellions groups believed that independence would be achieved by fighting for freedom
from their colonial masters. After independence in 1964, Tanzania experienced a
period of economic recession and appropriate plans were laid down to revamp the
deteriorating economic condition. Under Julius Nyerere, the first president, he
introduced a social policy where resources were owned communally and produce
shared equally to improve the people standard of living. Hence, it improved
people lifestyle where citizens worked together in harmony, investing in
agricultural practices that improved security and promote agricultural market (Deloitte,
2016).

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Moreover, Tanzania secures a better
opportunity to grow and develop like other industrialized nations in the world.
This can be accounted by the modern form of improved governance and legislation
that the country has been lately experiencing to secure a great economic
advantage under the current leadership. According to
Bradford & Linn (2017), the rise in democratic
government and accountable corporate structures are the cornerstone of economic
growth and development of a country. Poor leadership and unreliable political
systems lead to a rise in insecurity and unstable environment for market
expansion that lead to an unsustainable economy. As a result, developing countries
experience challenges not limited to economic uncertainty and unconducive
venturing avenues that hinder development and expansion of the world market.
Therefore, Tanzania is experiencing a sustainable political democracy that is
favoring its economic growth and business development. The maturity of its
political democracy takes a hand in establishment and amendment of economic
policies that are favoring economic sector toward the extension of markets
(Bode & Nunnenkamp, 2011). For example, reducing the rate of customs duty
to attract foreign investment will improve the country’s economy. As a result,
the democratic progress that Tanzania is experiencing opens a new face for a
bright future in the emerging market to all other trading members in the world.

Apparently, the modern form of
technology changes the economic accountability and transparency in business
arena (Crittenden & Albaum, 2010). The high level of transparency and
accountability in business associated with innovation is real in Tanzania in
modern days. The real-time communication and transportation of cargo in
Tanzania is conducted in minimal time and cost. As a result, the country is
growing its economic efficiency by forging a close relationship with its trade
partners in the business arena.  Apparently, modern technology is a cornerstone
for business to thrive in the competitive evolving world (Deloite, 2016). It is
making the developing country to stand at a good position in securing a high
competitive advantage for economic development. Tanzania employs technology in
most of its business processes especially in ports and other logistics centers.
For example, conveyor belts and reliable form of communication are used to make
work easier especially in loading and offloading avenues in ports. Security in
the financial transaction through electronic means is taking a head in securing
money among business partners. Due to that fact, the future of Tanzania
economic set up among other developing nation at one time it will grow to a
developed state.

Consequently,
the trend that Tanzania is taking in investing reliable infrastructure is
critical in the development of its economy. Infrastructure is eminent in the
growth of the economy of any country in the world (Deloitte,
2016).  Based on the economic history of
development and the nature of infrastructure in the country, Tanzania has
expanded transport by building new roads and communication network since the 19th
century. Modern forms of transport network and communication have supported
economic nature of Tanzania improving efficiency and real-time deliveries. For
example, the Tanzania-Zambia Railway (Tazara) is assisting the country in
growing its economic field by maintaining efficient transportation of produce
from Tanzania to Zambia and vice-versa. As a result, both countries are
exploring a great opportunity in ensuring the growth of their GDP through
exports and local contribution by the country’s investors. Additionally,
Tanzania will also reach the developed level because of industrialization supported
by the improving transport and communication network. The amenities are playing
a great role in ensuring the materials are reaching the destination in
real-time to facilitate the production processes. Alternatively, the improved
infrastructures are ensuring efficient transportation of finished products to
the market. As a result, the economic development that is experienced by
Tanzania provides an added advantage to transform to a developed nation in
future.

Apart from that,
Tanzania is experiencing a comparative advantage due to a large pool of water
bodies such as lakes and rivers that are harnessed to generate enough power for
industries. Power is a key factor in the industrial field and is used in processes
based to improve efficiency and just-in-time production (Mazur, 2012). For
example, in diamond and coal mining industries located in Mwandui Tanzania,
requires a high amount of power in extraction and processing of diamond from
its natural setting hence making it able to produce valuable items. As a
result, the availability of power contributes to a great extent in promoting
industrial production that improves the country GDP. In addition, Tanzania is
embracing other sustainable sources of energy such as wind and solar energy
hence green production. Solar and wind energy are suitable because there are
environmentally friendly and can be used in many processes without causing harm
to both land and aquatic life. Developed nations embrace the practice to prevent
further global warming and reduce the greenhouse effects. The sustainable form
of environmental conservation protect diseases associated with fossil fuels
hence securing the working environment in industries. As a result, employees
are protected from health hazards hence having enough to produce more output to
improve the country GDP. Thus, Tanzania experience a considerable growth in its
economic nature that may later transform the country into a developed nation.

Finally,
Tanzania will reach the level of the developed nation in future date because of
investing in research in its educational research centers. In several of its
institutions such as the University of Dar es Salaam and the University of
Dodoma invest in research to improve agricultural practices and advanced
farming. The research centers are lately concentrating in farming practices
such as farm mechanization, use of herbicides and quality fertilizers to
increase produces and therefore substituting from traditional crude methods
that produce low yields. As a result, Tanzania will be able to boost food
security and progress towards minimizing food shortages to its people. Due to
that fact, people will have a conducive environment in production and work
towards improving the country’s GDP. The increased growth in GDP will transform
Tanzania to a developed nations in future on account of being proactive in
mitigating food challenges in the country. However, Tanzania faces challenges
towards achieving its dream as a developed nation. The problems are not limited
to lack of advanced political governance, rapid inflation, accumulation of
foreign debts among others (Deloite, 2016).

In conclusion,
the future of the emerging markets is bright in response to the efforts applied
by the developing nation in the current time. The future prospect of the
developing nations can be transformed into a reality by heavily investing in
key avenues that can boost the economic state to another level. The vast wealth
of natural resources such as mineral can be a comparative advantage in
achieving the future dream of a country. Tanzania is a developing nation which
enjoys a range of minerals deposits such diamond, coal and fluorspar that
increase the country’s revenue. Apart from that, viable political governance,
improved infrastructure, improved innovation, an adequate amount of power and
heavy investment in research in agriculture are key elements that will lead to
the future transformation of Tanzania and other developing states to developed
nations.

References

Bode,
E., & Nunnenkamp, P. (2011). Does foreign direct investment promote
regional development in developed countries? A Markov chain approach for US
states. Review of World Economics / Weltwirtschaftliches Archiv, 147(2),
351-383.

Bradford,
C., & Linn, J. (2017). Global governance reform: Conclusions and
implications. In Linn j., Gertz g., & Kharas h. (eds.), the
imperative of development: the Wolfensohn center at Brookings (pp.
222-239). Washington, D.C.: Brookings institution press.

Crittenden,
V., Peterson, R., & Albaum, G. (2010). Technology and business-to-consumer
selling: contemplating research and practice. The Journal of Personal
Selling and Sales Management, 30(2), 103-109.

Deloitte (2016).
Tanzania Economic Outlook: The story behind the numbers. Deloitte.

Dimitrijevi?,
M., & Mistele, T. (2017). Frontier Markets are the new emerging markets. In Frontier Investor: How to Prosper in the Next Emerging Markets (pp.
27-44). New York; Chichester, West Sussex: Columbia University Press.

Mazur,
A. (2012). Was Rising Energy and Electricity Usage in Industrial Nations (since
1960) Due More to Population Growth or to Other Causes? Human Ecology
Review, 19(1), 50-57.