Economic development

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ECONOMIC DEVELOPMENT

Economic development refers to economic wealth of a country for the well-being of its citizen . Through economic development a country improves social , political and economic wellbeing of its citizens . Since Second World War Americans have been seeking means of improving economic , political and social well-being and quality life for its people by supporting income , tax base and job retention . The decision of World War II affected American economy for several years after the war There was permanent change of the

labor force with rise in women workers entry and movement of blacks from rural areas to urban to work in manufacturing jobs . Growth of Union solidified place of unions in Americans economy . American Federal government did not go back to its original size it was before the war but political efforts were made to stabilize the government . America developed new and strong bureaucracies and policies which led to growth of its economy

Macroeconomic policy was significant in America immediately after postwar period and this was entirely monetary policy which was adopted by America to stabilize its currency . Business community adopted a full employment to both men and women since it was worried of eliminating unemployed willing workers . There was re-establishment of capital flow and international trade through establishment of new international financial pattern . There was also establishment of international structure suitable for American business .1 American management adopted hard-line policies to maintain business union . Second World War changed America from its focus of...