3 Controversial Ways to Improve the Economy amp Drive Economic Growth
3 Controversial Ways to Improve the Economy & Drive Economic Growth Skip to content
Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now In terms of financial savings, the State of Colorado offers the most effective example of how legalization can be productive for an economy. Since decriminalizing marijuana in March of 2014, data produced by the Uniform Crime Reporting Unit suggests that the overall rate of crime has decreased. Furthermore, according to the Drug Policy Alliance, the state also garnered more than $10 million in taxes from the sale of the drug during the first four months following legalization. With much of this capital earmarked for public school infrastructure and raising awareness about the dangers of drug abuse, it is clear that the legal distribution of drugs can generate significant revenue and drive economic expansion.
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By Lewis Humphries Date March 08, 2022FEATURED PROMOTION
Since the Great Recession between 2007 and 2009, the global economy has struggled to sustain reliable and long-term growth. This is largely due to the fluctuating fortunes of individual economies and market sectors. Considerable peaks and troughs in real estate and a prevailing lack of permanent job opportunities create unsustainable booms and sudden, unexpected busts. The need to create a buoyant financial landscape with long-term prospects has never been more pressing. With this in mind, now is the ideal opportunity for government and economic leaders from around the world to consider innovative and unusual methods to drive long-term growth. While some of these ideas may be controversial, it is important to weigh concerns relative to the benefits offered by these methods for developed and developing economies alike.Controversial Methods to Drive Economic Growth
1 Legalize Drugs and Other Illegal Substances
The legalization of drugs is an issue that continues to divide opinion, but it cannot be denied that this option offers a number of potential benefits to global authorities. At present, government bodies tend to take a reactive approach to managing drug use and its impact, usually by spending billions every year on healthcare, law enforcement, and the incarceration of dealers. In terms of minimizing these costs, the option of legalization is one that at least deserves serious consideration and discussion. This is a path that the Portuguese government followed in 2001, when it decriminalized the use and possession of heroin, cocaine, and marijuana so that it could focus on treatment and prevention as an alternative. According to Scientific American, this paid dividends within five years, as the number of annual deaths from street drug overdoses dropped from 400 to 290, and the number of new HIV cases caused by using dirty needles tumbled from 1,400 to just 400 by 2006.Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now In terms of financial savings, the State of Colorado offers the most effective example of how legalization can be productive for an economy. Since decriminalizing marijuana in March of 2014, data produced by the Uniform Crime Reporting Unit suggests that the overall rate of crime has decreased. Furthermore, according to the Drug Policy Alliance, the state also garnered more than $10 million in taxes from the sale of the drug during the first four months following legalization. With much of this capital earmarked for public school infrastructure and raising awareness about the dangers of drug abuse, it is clear that the legal distribution of drugs can generate significant revenue and drive economic expansion.