From The Art and Popular Culture Encyclopedia
'Economic development' is a process in which a nation is being improved in the sector of the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries. "Modernization, "westernization", and especially "industrialization" are other terms often used while discussing economic development. Economic development has a direct relationship with the environment and environmental issues. Economic development is very often confused with industrial development, even in some academic sources.
Whereas economic development is a policy intervention endeavor with aims of improving the economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out, "economic growth is one aspect of the process of economic development".
- Constitutional economics
- European Free Trade Association
- Factors of production
- Financial deepening
- Gender and development
- International development
- International Monetary Fund
- North–South divide
- Opportunity management
- Organisation for Economic Co-operation and Development
- Private sector development
- World Bank Group