The economic development since World War II has contributed a lot of changes in the modern life of the society. It has actually improved the quality and standards of life, making the life of ordinary citizens safer. The economic development is an essential part of the life of the society of any contemporary country. Economic development by itself provides the possibility to extend the potential of the country in terms of education, life expectancy and average income and economics overall. Actually all economic growth in this period does not seem to be readily accounted for by new growth models. This would appear to result from changes facilitating technology transfer and raising returns to investment. There may be a role here for some of the policy changes stressed by early postwar accounts, including trade liberalization and demand stabilization, in eliminating obstacles to the faster growth which had prevailed between the wars.…
