The greatest advances in technology and economic growth have been achieved under capitalism.
•However, the decisions pertaining to what goods shall be produced and how they shall be produced are made by a small number of people who have control over land and capital.
•The determining factor in their decision-making is whether the activity will yield profit, power or prestige to them as owners of land or capital. The needs of humankind are secondary, if they are considered at all.
•Thus, while Economic growth is an essential component of development, it is not the only one as development is not a purely economic phenomenon.
•Development should, therefore, be perceived as a multidimensional process of both the reorganization of economic and social systems