Analytic paper on the current state of economic development and its Term

Analytic on the current state of economic development and its system of governance in Somalia - Term Paper Example Somalia has been exacerbated by failed attempts of the international community to restore peace and as such Menkhaus argues that Somalia’s state collapse at governance level falls into the â€Å"dubious distinction of being the world’s foremost graveyard of externally sponsored state-building initiatives† (Menkhaus 74). However, on the other side of the spectrum, Menkhaus highlights the point that notwithstanding the socio-political collapse of Somalia’s governmental and judicial infrastructure; this is has not prevented economic growth and development particularly at a fragmented local level (Menkhaus 74). Moreover, Menkhaus suggests that the lengthy absence of governance is in fact a significant causal trigger in promoting economic development via joint ventures between business groups, traditional business methods and civic groups (Menkhaus 74). The focus of this paper is to critically evaluate the current state of economic development and its system of governance in Somalia. To this end, it is submitted as a central proposition in this paper that sustained economic development in Somalia is intrinsically dependent on the socio-political backdrop and that therefore implementing meaningful initiatives to restore legitimate governance will go further to sustain stability in economic development in the long term (Cypher & Dietz 22). Therefore, whilst the lack of governance may not have prevented economic development in Somalia per se, it is further submitted that the political instability remains a central barrier to sustained economic development and growth in Somalia in the long term. This proposition is further supported by Menkhaus’ argument that â€Å"the repeated failure of top-down efforts to revive Somalia’s central government must not obscure the significant success of governance-building efforts within some local Somali communities† (Menkhaus 74). Indeed, the post-colonial development of Somalia within the wider context of contemporary