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Economic development
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Economic development

Economic development is the development of economic wealth of countries or regions for the material well-being of their inhabitants.

The economic development process supposes that legal and institutional adjustments are made to gives incentives for innovation and for investments so as to develop an efficient production and distribution system for goods and service.

It is considered by some as a move towards a Western model. It expresses the reasons why we have developing economies. Received economic lore, among others that of capitalism, aims at continued growth and expansion of national economies so that 'developing nations' become 'developed nations' and followers of this school deride any possibility of an economically stable state.

Many national and international organizations and QuANGOs foster economic development. Notably in the international arena we find:

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