Economic progress is often used to measure a country’s success. However, some people believe that other factors are more important. What other factors should also be considered when measuring a country’s success? Do you think one factor is more important than others?

The success stories of countries, such as those of Japan, Singapore, or Korea, are almost always associated with their economic miracle, but others argue that there are more essential elements to define a country’s ascent. In my view, equality and governance transparency are two key measurements for this, and they should be of equal importance.

While economic attainment is universally regarded as the power of a country itself, the fair distribution of such achievement to the masses is a more potent indicator of success. In the US, it has been suggested that the wealthiest 20 percent are in possession of 70 percent of the nation’s total wealth. This unequal share offers the affluent powerful leverages, such as in financing their children’s education in Ivy League University through generous endowments, while the masses have to grapple with securing the limited number of slots remaining while having to rely on loans. Due to such inequality, it is more likely for the offspring of a wealthy family to secure a handsomely paid position compared with those of more menial backgrounds, thus expanding the income disparity and further perpetuating class divides. This lack of social mobility may lead to public discontent, with possible dire consequences such as disaffected generations, which could likely lead to social unrest and tumult as the country’s prosperity is not fairly shared with the multitude.

The transparency of governmental bodies should also be a key indicator because as people in power, they hold massive control over state budget and policies. If left unchecked, their power could be exploited to achieve their personal gains rather than the common causes. This exploitation is relatively common in emerging countries such as Vietnam and China, in which officials abuse their power to grant approvals to contractors through bribery rather than their capacity. Such practice brings hard-earned money from taxpayers to corrupted officials’ wallet, while the projects are undertaken by incapable organizations, which then combine and further impede the country’s development. Even when the country is developing at two-digit rate, its people are deprived of the economic success since the increase in national income, which should have been reinvested in sectors such as public infrastructure and healthcare, now end up in avaricious officials’ bank accounts. By being more transparent, the government could allow the public to place the public budget and related projects under closer scrutiny, thus ensuring that the ones selected do not fall into incapable hands, while guaranteeing the collective goods.

In conclusion, the mentioned factors are equally significant, as a more equal society allows the masses to voice their opinions on the unjust social gaps and facilitate the issuance of more progressive policies which promote common prosperity. Therefore, the fruit of economic success could be fairly distributed to the people instead of to the few. Meanwhile, a transparent government prevents corruption while fostering meritocracy instead of cronyism as the public can supervise and make sure that public budget is allocated to further the common cause.