RECIPE FOR SOCIETAL TRANSFORMATION IN THE 21ST CENTURY: POLITICAL ECONOMY AND IMPACT ON THE MASSES
The twenty-first century has brought unprecedented changes in technology, governance, economic systems, and social relations. These developments have created opportunities for economic growth and social advancement while simultaneously deepening inequality, unemployment, and social exclusion in several societies. Grounded in a comprehensive review of contemporary development literature and anchored on Institutional Theory, this study utilizes a qualitative desk research methodology to examine the political economy of societal transformation and its impact on the masses. This study found that successful societal transformation depends on inclusive political institutions, equitable economic policies, investment in human capital, and effective social protection systems. The study concludes that transformation must be people-centered to ensure that the benefits of development reach a broader population rather than a privileged minority.
Keywords: societal transformation, political economy, development, governance, inequality, masses