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.
Hamilton emigrated from the Caribbean. Alexander Hamilton was born on Nevis in the British West Indies to parents who were not married to each other. They were living on St. Croix when his father deserted the family, and his mother died when he was around 11, leaving Hamilton and his older brother impoverished.