Economic development can be defined as a sustained community effort to improve both the local economy and the quality of life by building the area's capacity to adapt to economic change (Loveridge and Morse). This definition suggests a distinction between economic growth and economic development.conomic development can be defined as a sustained community effort to improve both the local economy and the quality of life by building the area's capacity to adapt to economic change (Loveridge and Morse). This definition suggests a distinction between economic growth and economic development.
Hamilton was born out of wedlock in Charlestown, to a married mother of British and French Huguenot ancestry and a Scottish father. His father, James A. Hamilton, was the fourth son of laird Alexander Hamilton of Grange, Ayrshire. Orphaned as a child by his mother's death and his father's abandonment, Hamilton was taken in by an older cousin and later by a prosperous merchant family.
James Hamilton and Rachel Lavien had two sons together: James, who was born in 1753, and Alexander. Interestingly, the exact year of Alexander Hamilton's birth is unknown because historians have found two sets of birth records. One set claims Hamilton was born on January 11, 1755, while the other says he was born in 1757. Hamilton himself maintained that he was born in 1757. Alexander Hamilton's family was too poor to afford any regular schooling for the boys, although Alexander later recalled studying for a short time at a Jewish school.