Since 1945 the United Nations has established the contemporary global, obligation to address the economic and social well-being of ordinary citizens. A very new concept when written into their charter: “The United Nations shall promote higher standards of living, full employment, and conditions of progress and development in the economic and social order.”
Over time, for at least economists and policy makers, this development agenda has become synonymous with “improving economic opportunities through increased production of goods and services.” The implicit assumption is that economic growth will increase quality of life standards, life expectancy, improve nutrition and health.
Since 1945, there have been impressive advancements in the elimination of extreme poverty, but still many professionals wonder how to accelerate growth even more throughout the world – particularly in Africa and South Asia, two regions with a great number of poor. The issue has prompted economists and policymakers to analyze the importance of several factors, policies and institutions, finding six factors for successful development: