Economic development is described as sustained growth in income per capita over a period of time, which usually involves a structural and institutional change in an economy. In addition, economic development includes the reduction of relative and absolute poverty, decreasing infant mortality, increasing employment, and life expectancy; improvements to social welfare. Economic development creates a greater economic and social equality. Per capita income is the most common measurement of development; a country must be able …
showed first 75 words of 1583 total

showed last 75 words of 1583 total
…often take away the validity as factors contributing to economic development. While less developed countries will have to sacrifice something's in the short run, in the long run international trade is extremely beneficial for economic stability, and a higher standard of life. [1] William Savitt and Paula Bottorf, Global development, Library of Congress Cataloging-in-Publication Data, 1995 [2] Malcolm Gills et. all, Economics of Development, W. W. Norton Company, Inc., 1983 [3] Alan Glanville, Economics from a global perspective, Alan Glanville, 1997