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Select Citation Style Copy Citation Share to social media Written and fact-checked by The Editors of Encyclopaedia BritannicaEncyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.
The Editors of Encyclopaedia Britannica Below is the article summary. For the full article, see economic development.economic development, Process whereby simple, low-income national economies are transformed into modern industrial economies. Theories of economic development—the evolution of poor countries dependent on agriculture or resource extraction into prosperous countries with diversified economies—are of critical importance to developing nations. Economic development projects have typically involved large capital investments in infrastructure (roads, irrigation networks, etc.), industry, education, and financial institutions. More recently, the realization that creating capital-intensive industrial sectors provides only limited employment and can disrupt the rest of the economy has led to smaller-scale economic development programs that aim to utilize the specific resources and natural advantages of developing countries and to avoid disruption of their social and economic structures. See also economic growth.
United Nations (UN), international organization established on October 24, 1945. The United Nations (UN) was the second multipurpose international organization established in the 20th century that was worldwide in scope and membership. Its predecessor, the League of Nations, was created by the
Foreign aid, the international transfer of capital, goods, or services from a country or international organization for the benefit of the recipient country or its population. Aid can be economic, military, or emergency humanitarian (e.g., aid given following natural disasters). Foreign aid can
