Economic development refers to increases in the standard of living of a nation's population associated with sustained growth from a simple, low-income economy to a modern, high-income economy. Its scope includes the process and policies by which a nation improves the economic, political, and social well-being of its people. Economic development may also refer to the field comprising policies and efforts that seek to improve the economic well-being and quality of life for a community or region by creating and/or retaining jobs and supporting or growing incomes and the tax base.[citation needed] The University of Iowa's Center for International Finance and Development states that: "'Economic development' or 'development' is a term that economists, politicians, and others have used frequently in the 20th century.

The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used when discussing economic development. Although no one is sure when the concept originated, most people agree that development is closely bound up with the evolution of capitalism and the demise of feudalism."

Similar to 0 things you like: