Development
Development refers to the increase in a country’s productive capacity over a particular period of time. This increase in the country’s productive capacity leads to acquisition of wealth among the people, which improves their living standards. The socio-economic system of a country is viewed through a holistic approach; this implies that it encompasses all factors of the human society. Development, therefore, is viewed as a holistic process of increasing of a country’s wealth and improved living standards. There are four dimensions of development; these are, economic development, human development, sustainable development and territorial development.
Economic Development
Economic development refers to consistent increase in the country’s production units over time. The productive capacity of a country is the main driver of economic growth since it promises wealth to the people. Economic development encompasses the ways in which the country uses its factors of production to generate new goods and services. The primary catalysts of economic development are production and trade activities.
Human Development
Human development focuses on how people’s lives are improving over a given period of time. Human development focuses on improvement of the various dimensions that affect the well-being of community members and their relationships with the society. The factors that determine the level of human development include health statuses, educational levels, entitlements, potentials of the people and the level of community empowerment. Human development leads to increased standards of living through ensuring availability of human wants.
Sustainable Development
Sustainable development seeks to maintain and improve the increase in the country’s productive capacity and living standards. This dimension of development focuses on the long-term perspectives of socio-economic systems and ensures that short-run development has no implications on the community’s development potential. The dimension of sustainable development concentrates on maintaining environmental, financial, social and economic developments.
Territorial Development
A territory refers to a region that is separated from other areas because it has certain special features. Territorial development refers to increase in wealth and living standards of a specific region over a given time. The territory could have social, economic, environmental, and institutional potentials that it exploits and channels to the development process. Territorial development is achieved through the creation of relationships with the external publics and using their potentials to support its development agendas.
