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A half century of development

Development as a global policy objective dates from the 1940s. Relative to expectations then, the world economy performed outstandingly well during the second half of the 20th century. One country after another achieved social stability, created the right incentives for effort and risk-taking, and engaged constructively with the world economy, which facilitated economic growth. Those that lagged failed to meet one or more of these conditions. Civil and political liberties also spread during this period, although less certainly and less securely. On the whole, it was a good half century for mankind. The substantial poverty and misery that still exists should not lead to neglect or even denial of these achievements.