Political Aspects of Economic Development

Abstract

Economic development means the level and the de facto progress of an economy as they result from the interplay of market forces, legislation, governmental policies and strategies. Societal development includes the development of the economy plus the growing complexity of the society, alterations of the psychological make-up, the distribution of skills and knowledge, as well as adjustive restructuring and expanding the capacity of political institutions. Multi-ethnicity is not an obstacle to economic progress per se, but it can be a delaying factor when relevant skills are unevenly divided and when the motivation for economic progress is unevenly distributed or is overpowered by the desire for traditional living.