Development and Economic Growth

Introduction to Development

• Human evolution from hunting to modern conveniences.
• Development leads to advanced societies with longer, healthier lives.

Developed vs. Developing Countries

• GDP (Gross Domestic Product): Total value of goods/services produced.
• GDP per Capita: GDP divided by population.
  • High GDP per capita indicates wealth/development.
  • Low GDP per capita indicates poverty/developmental stage.

Factors Influencing GDP per Capita

1. Peace and Stability:
   • Essential for regular work and sustenance.
2. Quality Education:
   • Literacy and numeracy increase productivity and innovation.
3. Access to Capital:
   • Needed for business and industry establishment.
   • Sources: domestic accumulation or foreign investment.
4. Rule of Law:
   • Legal code for fair governance.
   • Strong property rights promote business initiatives.
5. Equality of Opportunity:
   • Elimination of discrimination fosters economic potential.

Global Assistance for Economic Growth

• Reasons for Helping:
  • Humanitarian values.
  • Improved global security.
  • Economic self-benefit through trade and investment.

Expanding Concept of Development

• Since 1980s, includes quality of life aspects:
  • Freedom of movement and lack of discrimination.
  • Access to healthcare and clean environments.
  • Political equality and freedom of expression.
• United Nations Development Program:
  • Incorporates these aspects with 17 Sustainable Development Goals (SDGs).
  • Focuses on economic growth, environmental protection, democracy, and equality.

Progress and Future Development

• Improvements Over 40 Years:
  • Extreme poverty reduced by 75%.
  • Student enrollment increased by 50%.
  • Average income quadrupled.
• Continuous opportunity for global and national development.