Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP.Consequently, as economist Amartya Sen points out, economic growth is one aspect of the process of economic development. Economic development' is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries.
Alexander Hamilton was one of the most prominent founding fathers in American history. He was the Secratary of Treasury under George Washington, and he had a lot of influence on the economic policies and decisions that were made. He was a Federalist, so he supported a government that was more involved.
Alexander Hamilton wanted to establish the Bank of the United States to mange the country money and debt. Why did Madison dislike this plan? He believed that the establishing a bank was not mentioned in the Constitution, and therefore should not be done.