Emerging markets in latin america

of decisionmaking (Figure 1.1).
Conversely, slow human development can put an end to fast economic growth.
According to Human Development Report
1996, “during 1960–1992 not a single country succeeded in moving from lopsided development with slow human development and rapid growth to a virtuous circle in which human development and growth can become mutually reinforcing.” Since slower human development has invariably been followed by slower economic growth, this growth
Sustainable development is a term widely used by politicians all over the world even though the notion is still rather new and lacks a uniform interpretation. Important as it is, the concept of sustainable development is still being developed and the definition of the term is constantly being revised, extended, and refined.
According to the classical definition, given by the United Nations World
Commission on Environment and
Development in 1987, development is sustainable if it “meets the needs of the present without compromising the ability of future generations to meet their own needs.”
Social justice defined as equality of opportunities for well-being, both within and among generations of people, can be seen as having at least three aspects: economic, social, and environmental.
Only development that manages to balance these three groups of objectives can be sustained for long
Conversely, ignoring one of the aspects can threaten economic growth as well as the entire development process
World Bank study defined sustainable development as “a process of managing a portfolio of assets to preserve and enhance the opportunities people face.” The assets that this definition refers to include not just traditionally accounted physical capital, but also natural and human capital. To be sustainable, development must provide for all these assets to grow over time—or at least not to decrease. The same logic applies to prudent management of a national economy