(Yemiotun) Student want plagiarism reportCritically analyse the evolving meaning of “development” and its impact on international economic law. 2,000 words FootnoteA lot of journal articlesOscola...

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INTERNATIONAL ECONOMIC LAW
Introduction
This entire essay will revolve around the central topic that is the actual meaning of development as well as its impact on international economic law. Economic development is the policies, programs, or activities that tend to seek for enhancing the economic well-being and the quality of life in the community to a great extent. However, it is needless to say that each community has its challenges, opportunities, and also priorities. Economic planning should include the individuals who work and live in the community. Furthermore, the economic priorities tend to vary but the economic development strategies more or less tend to aim for the positive and common outcomes, such as: selling and making more local products, best quality life, keeping businesses and getting the new ones, getting more skilled individuals living in the community, creating more jobs and also more variety, etc.
Development And Impact on The International Economic Law
It has been observed that economic development is the procedure whereby low-income national economics is mainly transformed into the recent industrial economies. On the other hand, in recent times, the new branch of economics is also regarded as the economics of development and it is also referred toward the issues of economic development concerning backward or the underdeveloped countries[footnoteRef:1]. Furthermore, for a lot of years, economic development has been one of the significant national policy objectives of the Third World Countries also. However, there has been little consensus concerning the definitions and goals of the development. Economic development is regarded as the major problem under the literature of modern economics. In terms of the scope of the economic development can be regarded as quite comprehensive as well as wide. Its connection is not only with the income but with the prosperity as well concerning the economy and the society. Economic development also tends to possess both quantitative and qualitative approaches. The concept of economic development is more vital as it discusses an economy in a broad sense. This is also a long-term procedure as it takes a lot of years for changing the economic, social, along with institutional setup in a country[footnoteRef:2]. Moreover, economic development is also not at all complete without any political stability. This also tends to emphasize an economy’s balanced growth. Social changes are considered to be an absolute necessity concerning economic development. [1: JD D, The labor force in economic development. Princeton University Press; 2015 Mar 8.
] [2: HW A, Economic development. University of Chicago Press; 2015 Feb 27.
]
Moreover, it also refers to the availability of the food, best jobs, better education as well as health, etc. Throwing light on the above-mentioned discussion it can be stated that international economic law also tends to encompass a huge amount of disciplines that are touching on private international law, public international law, as well as domestic international law is also applicable to every transaction of the international business. For a long period, the international economic law was connected with international trade as well because the trade had developed mature multilateral legal organizations such as WTO for governing international commerce. In recent times, there is a huge discipline that tends to acknowledge everything from time to time as being quite relevant and also significant in this field.[footnoteRef:3] It is designed in such a way that an individual is provided with an understanding of the rules, institutions, along with the principles that tend to underpin the international economic order. The international economic law also helps to bring developing countries such as India into the global economy as well. [3: Manders et al, Socio-economic developments.
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In recent times, development is mainly computed by academics along with policymakers alike by enhancing the GDP (Gross domestic product). It is the indicator that also estimates the value-added in a particular country which is the total value of all services and goals required for producing them[footnoteRef:4]. [4: M C, The convergence of economic developments. Studies in Nonlinear Dynamics & Econometrics. 2012 Apr 12;16(2).]
International economic law is a significant field concerning international law that tends to involve the conduct and regulation of states, private organizations as well as international companies operating in the international economic segment. International economic law is a broad assortment of law, which is developing quickly and evolving quite fast. It looks to direct pretty much all parts of worldwide financial relations between states. Furthermore, International economic law was created as a different and recognizable group of law in the post-Second World Wartime. Before this, the law related to global financial exercises (for example the security of unfamiliar speculation) was at a simple stage and was viewed as a feature of public international law. It can be stated that the sources of the international economic law are also the sources of the general international law and this...