Economic Development Definition
DEFINITION OF ECONOMIC DEVELOPMENT
After searching through the literature, It was found that the following definition of Economic Development would be best suited for this study due to its compatibility with the scrutiny of a third world country, "The process of enlightening the quality of human life through increasing per capita income, reducing poverty, and enhancing personal economic prospects. It is also sometimes defined to include better education, better-quality health and nutrition, conservation of natural resources, a cleaner environment, and a richer cultural life" (Penn State University 2008). Hackett (2008) emphasized the role of the Government and its influence on Economic Development.
THE VARIABLES OF ECONOMIC DEVELOPMENT
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It can also be used to describe the change in the industry such as in the growth of the service subdivision to the detriment of the agricultural sector.
According to World Economy and Social Survey (Anonymous, 2006), for economic growth to take place structural change is a requirement. This increase can stay accomplished by adopting and using existing technologies, replacing imports and entering into the global markets for manufacturing goods and services and through the rapid accumulation of physical and human capital.
In the developing countries, such as in Sub-Saharan Africa, there has been a lack of structural change taking place as opposed to the industrialised regions of the globe. Therefore there seems to be a difference in the growth process between the industrialized countries and the developing world. Technological innovation, for instance, is a structural change which continues to be more concentrated in the industrialized world although it is brought to developing countries by external forces such as MNCs which consequently have control over the
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About creating nations, we see that the impact of outer powers impact affect the association of the State and can prompt a decrease in the States' ability to actualize Economic Development strategies. In this manner, the accompanying definition will show how Shell and the IMF have impacted the security of the Nigerian government.
As per Miller (1992), Exterior impact on neighborhood governments comprises of political unconventionality and strategy shakiness. Political vulnerability manages the potential or real change in the political framework and the open doors advancing from such changes. Strategy unsteadiness alludes to the precariousness in Government policies.
Environmental Impact
Economic Development and Environmental conditions are closely intertwined due to increases in economic activity leading to a change in the character of the environment. Concern for the environment has become an international issue in the last few decades and has caused an increase in environmental awareness on the part of global organizations. (Mastel,
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