Economic Development Redefined

Economic development is one of the most important but least understood issues in the world today. It commands our attention because of the vast chasm in living standards between peoples of the First and Third Worlds. Since the Second World War, considerable effort has been devoted to this issue by intellectuals, public agencies at the national and global levels, and private consultants. While the global development process has expanded steadily, particularly in East Asia, there are still large areas of the world, namely sub-Saharan Africa, that have been bypassed. Many observers, therefore, have become pessimistic about the future of the Third World.