Development is a term that describes progress in physical, economic, social and psychological components of a society. It is the process of improving the level and quality of life and the creation or expansion of local regional income and employment opportunities without harming the environment.
Defined –
Human Development Index (HDI) – A measure developed by the United Nations that considers and compares levels of development using life expectancy, literacy and school enrollment as indicators. It was first introduced in 1990 and is now a yearly report compiled by the UN.
The Resource Curse – Dutch Disease – Countries that are rich in resources, such as oil or diamonds, often experience violence and conflict when these resources are shared. Such conflict can be triggered by the high incomes that result from these resource extractions.
There are many ways to improve a country’s development. Developing countries must find the best path to increase their development. This is challenging because leaders and policy-makers face very difficult, often contradictory decisions that vary from place to place.
