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economic development, Process whereby simple, low-income national economies are transformed into modern industrial economies. Theories of economic development—the evolution of poor countries dependent on agriculture or resource extraction into prosperous countries with diversified economies—are of critical importance to developing nations.
Sustainable development, approach to social, economic, and environmental planning that attempts to balance the social and economic needs of present and future human generations with the imperative of preserving, or preventing undue damage to, the natural environment.
economic growth, the process by which a nation’s wealth increases over time. Although the term is often used in discussions of short-term economic performance, in the context of economic theory it generally refers to an increase in wealth over an extended period.
Most development theory equates development with national economic growth and sees the state as its primary agent; consequently, one of its central concerns is to understand and explain the role of the state in development and the nature of government-market relations.
The most notable feature of Japan’s economic growth since World War II is the rapid development of manufacturing, with progress in quantitative growth, quality, variety, and efficiency. Emphasis has shifted from light to heavy industries and to a higher degree of processing.
From the early 21st century, economic history has encompassed a broad range of topics, methodologies, and geographic foci, including the causes and consequences of economic crises (such as the global financial crisis of 2007–08 and the ensuing Great Recession), the effects of economic globalization on national economies and societies, the ...
Economic development as an objective of policy; A survey of development theories; Lessons from development experience; Development in a broader perspective; References
Organisation for Economic Co-operation and Development (OECD), international organization founded in 1961 to stimulate economic progress and world trade.
Dependency theory, an approach to understanding economic underdevelopment that emphasizes the putative constraints imposed by the global political and economic order. First proposed in the late 1950s by Raul Prebisch, dependency theory gained prominence in the 1960s and ’70s.
economic sociology, the application of sociological concepts and methods to analysis of the production, distribution, exchange, and consumption of goods and services.