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Article: Economic Development
- Article from:
- Encyclopedia of Business and Finance, 2nd ed.
- Author:
CopyrightCOPYRIGHT 2007 Thomson Gale. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ECONOMIC DEVELOPMENT
Economic development, generally speaking, is a process of change that is focused on the betterment of the community, state, and/or nation. Defining economic development can be difficult. The first term in this phrase
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economic
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refers to an accepted paradigm for organizing the business and financial and even to some extent the governmental sectors of a nation. Economics is viewed as the foundation for building a prosperous society. However, it is the second term
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development
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over which there is considerable debate. People's perceptions of development vary. For some, development has the appearance of successful commercial enterprise; for ...
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