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Paradigm is a term used to refer to the way of observing reality shared by a group of people of a certain discipline. It is a general known and accepted perspective that provides uniform explanations to a set of phenomena in specific disciplines; a good example is in the physics, biology, social science, literature and may others. In this case it aims to develop different models of explanations of one trait of reality, also the technique to test a theory and develop a wider comprehension of the topic (Charles, 1997).
Explanation of economic development under developmental paradigm
How economic development can be induced
Economic development can be induced through organizational development, agrarian reforms and organising social and economic planning, having a potential public school system, joining and organising fair trade unions and agreements and lastly, organising progressive social and political alliances (David, 2004).
Obstacles to economic development
Some of the key obstacles to economic development are: weak or poor structured public school system which leads to poor and low human resource to drive the economy, traditional land tenure system which hinders innovation and yearn to development, old taxation system where the majority of funds are embezzled and others evaded because of poor control systems and centre-periphery relationship and system in the international trade.
How capitalism hinders economic growth
Under capitalistic world order, the developing countries are linked with the developed countries. This makes it difficult as accumulation of capital requires exploitation of labour and also growth in the first world countries requires underdevelopment in the 3rd world countries to enhance their development (Charles, 1997).
Risk and how would you mitigate the hazard
One of the major risks of this is indirect slavery. This is because the underdeveloped countries indirectly depend on the developed countries for financial and science and technology assistance and this give the chance to the developed nation to enhance their growth in the name of aid. This can be reduced by improvising alternative ways to meet the demands as well as use the available resources wisely (David, 2004).