Economic development is defined as the economic well-being of countries, regions and communities by improving factors such as health, education, working conditions, national and international policies and market conditions. It can also be defined as an effort to raise living standards by increasing real incomes and increasing the tax base. The concept of economic growth is different from that of economic development because economic growth focuses on increasing a specific measure such as GDP (gross domestic income) or per capita income. While economic development covers the general idea of ​​improving literacy rates, life expectancy, health, education, infrastructure, etc., GDP does not take into account leisure , time, social justice, freedom and environmental quality. Thus, economic growth is not enough to measure the development of a country. The Change in the Concept of Economic Growth In the 1950s and 1960s, when many developing countries were meeting their set GDP targets but their standard of living was not changing, this made them realize that something was wrong with this narrow definition of development. Next, many economists and policymakers planned a more precise approach to account for poverty, increasingly unequal income distribution, and rising unemployment. So, in the 1970s, they proposed a new definition of economic development, defined as the elimination of poverty, inequality and unemployment with a growing economy. “Redistribution from growth” became a common notion at this time. Dudley Seers raised the fundamental question when defining development when he said: “The question to ask about the development of a country, then, is: what has happened to poverty? What happened to unemployment? What happened to inequality? If all...... middle of paper...... all products stimulated growing local demand, leading to the creation of large-scale manufacturing industries. These export earnings in the 19th century helped developing countries borrow money in capital markets at lower interest rates. This capital gain in turn led to increased production, increased import opportunities and specialized industrial structures. Fundamental scientific and technological development has played an important role in the modern economic growth of developed countries. Moreover, the process of scientific and technological advancement in its entire process has been limited to developed countries despite the growth of India and China as destinations for research and development activities of multinational corporations. In terms of the research process, low-income countries have been at a greater disadvantage due to the higher amount of capital required..