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 played a key role in building the American government by serving on Washington's staff for the revolutionary war from 1777-1781. He was the first Secretary â¦ of Treasury and did much to put the federal government on a firm fiscal basis.
Hamiltonâs influence caused Burr to be defeated. Before the 1804 election, Alexander Hamilton threatened to withdraw from the Federalist Party if it chose Vice President Aaron Burr as its presidential candidate. When Aaron Burr later ran for governor of New York, Alexander Hamiltonâs influence again led to his defeat. Hamilton considered Burr a political opportunist, declaring: âI feel it is a religious duty to oppose his career.â Aaron Burr took offense and challenged Hamilton to a duel. Considered the most famous duel in American history, they met on the morning of July 11, 1804, at the dueling grounds near Weehawken, New Jersey. Burr shot and mortally wounding Hamilton in the stomach. The duel ended Burrâs career and ended Hamiltonâs life.