Economic development, is the process where simple and low-income economies are transformed into modern industrial economies. Even though the term is sometimes used as a synonym for economic growth, generally it is used to describe a change in a country’s economy involving not only qualitative but also quantitative improvements. The theory of economic development is of critical importance to underdeveloped countries, and it is also usually in this context that the issues of economic development are discussed.
Economic development became a major topic of discussion after World War II. As European colonialism ended, man6 colonies and other countries with low living standards came to be termed underdeveloped countries. But as the living standards in most poor countries began to rise in subsequent decades, they were renamed the developing countries.
Economic development brought higher standards of living, better food, adequate clothing,
shelter, and also protection from the natural disasters of drought and famine. There even occurred improvement in medical facilities and health care. All these led to a fall in infant mortality and healthier people and longer life-expectancy. These were closely related to the economic progress that these countries were making.
The last two centuries have not only witnessed a fall in the death rate but also a consequent growth of population in today’s economically advanced countries. Even the birth rate fell.
When we turn to the population explosion problem of developing countries, we see that these countries have shown very little economic growth. Yet their populations are increasing rapidly at a constant rate. These countries import western technology to start modem industrialisation programmes but are unable to import the growth process itself.
The spread of Western techniques of health care, sanitation and medicine to such countries has brought about falling death rates and rapid population growth. But the standard of living is yet to achieve any major improvement. .
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