Socio-Economic Development Essay

the needs of the current generations without compromising the ability of future generations to meet their own needs’. It brought the environmental issue high on the political agenda by stressing the link between economic, social and environmental challenges. Then in 1992 at the UN Conference on Environment and Development was signed the Rio Declaration and Agenda 21. The Declaration postulated sustainable development principles, while the Agenda proposed specific measures for integrating and attaining economic, social and environmental objectives.

In 2000, the UN adopted the Milenium Declaration according to which the countries undertake measures for eliminating poverty, lifting dignity and equality among people and achieving peace, democracy

This indicator reflects changes in the patterns of employment, R & D expenditures, production and consumption and thus provides information about use of factors of production (including natural resources). The social aspect of socio-economic development involves raising employment levels which is an indication of the increased inclusiveness of society, reduction of poverty and enhanced competitiveness of the economy. The ecological aspect of socio-economic development is analyzed by the indicator of eco-innovations which evaluates economic prosperity while minimizing environmental degradation and depletion of resources. The eco-innovation index is based on 16 indicators in five areas: eco-innovation inputs, activities and outputs as well as environmental and socioeconomic

These determinants would encompass: 1) access to finance (banking, venture capital, co-investments with business angels etc); 2) depth of the capital markets measured by market capitalization, turnover, number of listed companies etc.; 3) level of philanthropic activity in a given country and amounts of donor grants for such enterprises; 4) business support services as industry and network associations, number of incubators and accelerators; 5) macroeconomic policy incentives and instruments – interest rates, costs to start and exit a business, tax incentives etc.; 6) level of economic activity in a given country measured by economic growth rate, GDP per capita, inflation rate, unemployment, FDI flows etc.; 7) entrepreneurial culture, SME performance as well as capacity of the country for innovations, R & D expenditure by public and private sector etc.; 8) protection of investors and corporate governance and the presence of stable legal framework for the protection of (intellectual) property rights; 9) social environment – education quality and human capital development, labor market flexibility, corruption and size of the gray (unregulated)