RESOURCES: INTERNATIONAL TRADE AND PUBLIC FINANCE (DECO202)
(UNIT 1) Economic Development: Meaning
Economic development is the development of economic wealth of countries, regions or
communities for the well-being of their inhabitants. From a policy perspective, economic
development can be defined as efforts that seek to improve the economic well-being and
quality of life for a community by creating and/or retaining jobs and supporting or growing
incomes and the tax base.
Source: http://www.svbic.com/node/24
Difference between developed and developing economies.
Economic Focus
Developing countries are generally assumed to be agricultural, although some also focus in
other commodities such as petrochemicals. Developed countries have significant
manufacturing centers, but more importantly large service sectors.
Education
Developed countries are expected to have better educated populaces. In developing
countries, education may not be necessary to support an agricultural economy. In a
developed country, education is necessary to supply the various professionals the economy
and state demand as well as meet the demands of citizens.
Democracy
Developed countries are expected to be democratic. As people's incomes rise and education
becomes more common, people start to demand more freedoms and stronger institutions
to protect their interests.
Social Problems
Developed nations are expected to be able to resolve social problems, such as racial or
religious tensions. Developing nations may be marked by strong ethnic divides, civil wars
driven by social conflict, or corruption (such as nepotism).
Technology
Developed countries are expected to have more technology - both in terms of their
sophistication and the amount. For example, one common variable in modernization
(UNIT 1) Economic Development: Meaning
Economic development is the development of economic wealth of countries, regions or
communities for the well-being of their inhabitants. From a policy perspective, economic
development can be defined as efforts that seek to improve the economic well-being and
quality of life for a community by creating and/or retaining jobs and supporting or growing
incomes and the tax base.
Source: http://www.svbic.com/node/24
Difference between developed and developing economies.
Economic Focus
Developing countries are generally assumed to be agricultural, although some also focus in
other commodities such as petrochemicals. Developed countries have significant
manufacturing centers, but more importantly large service sectors.
Education
Developed countries are expected to have better educated populaces. In developing
countries, education may not be necessary to support an agricultural economy. In a
developed country, education is necessary to supply the various professionals the economy
and state demand as well as meet the demands of citizens.
Democracy
Developed countries are expected to be democratic. As people's incomes rise and education
becomes more common, people start to demand more freedoms and stronger institutions
to protect their interests.
Social Problems
Developed nations are expected to be able to resolve social problems, such as racial or
religious tensions. Developing nations may be marked by strong ethnic divides, civil wars
driven by social conflict, or corruption (such as nepotism).
Technology
Developed countries are expected to have more technology - both in terms of their
sophistication and the amount. For example, one common variable in modernization
