Industrialization and the Green Economy: Great Dilemma towards Achieving Sustainable Development of the Less Developed Countries (LDCs)

Abstract

The quest to preserve and protect the world environment has become our new reality in the world today. This has brought about the pursuit of what is now known as “sustainable development”; development achieved and the natural environment equally preserved. No doubt, the environment has absorptive/assimilative capacity which enables it degrade wastes discharged into it without affecting its quality, but there is a quantity and quality of wastes it can easily degrade. The less developed countries (LDCs) are always faced with economic pressures which make them pursue the type of industrial and economic activities that generate much wastes beyond the assimilative capacity of the environment, hence degrade the quality of the natural environment. The great dilemma now becomes either to preserve the quality of the environment at the expense of their economic growth and development, or pursue economic growth and development, through industrialization, at the expense of the environmental life and quality. This dilemma can be tinkered with, as posited by this paper, by having a trade-off between industrialization and environmental quality to establish equilibrium. This point of equilibrium is known as the “ecological threshold” point which can be enhanced through technological advancement to accommodate more industrial activities without causing harm on the environment. Thus, the LDCs can achieve their needed economic growth and development and the natural environment equally preserved.