Emerging markets in latin america

Topics: Capital accumulation, Economics, Sustainability Pages: 2 (490 words) Published: October 28, 2014

of decisionmaking (Figure 1.1).
Conversely, slow human development
can put an end to fast economic growth.
According to Human Development Report
1996, “during 1960–1992 not a single
country succeeded in moving from lopsided
development with slow human
development and rapid growth to a virtuous
circle in which human development
and growth can become mutually
reinforcing.” Since slower human development
has invariably been followed by
slower economic growth, this growth
Sustainable development is a term widely
used by politicians all over the world even
though the notion is still rather new and
lacks a uniform interpretation. Important
as it is, the concept of sustainable development
is still being developed and the
definition of the term is constantly being
revised, extended, and refined.
According to the classical definition,
given by the United Nations World
Commission on Environment and
Development in 1987, development is
sustainable if it “meets the needs of the
present without compromising the ability
of future generations to meet their
own needs.”
Social justice defined as equality of
opportunities for well-being, both
within and among generations of people,
can be seen as having at least three
aspects: economic, social, and environmental.
Only development that manages
to balance these three groups of objectives
can be sustained for long
Conversely, ignoring one of the
aspects can threaten economic growth as
well as the entire development process
World Bank study defined sustainable
development as “a process of
managing a portfolio of assets to preserve
and enhance the opportunities
people face.” The assets that this definition
refers to include not just traditionally
accounted physical capital, but also
natural and human capital. To be sustainable,
development must provide for
all these assets to grow over time—or at
least not to decrease. The same logic
applies to prudent management of a
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