Preface

Among the most discussed and hotly contested areas of policy are those that surround economic development and growth. Robust economic development and the economic growth that underlies that development have long been articulated as the primary aims of governments around the world. Among the wide universe that is public policy, those policies that claim to enhance economic development have long been viewed as particularly important. Discussions over what the best approaches are have been varied, heated, and often at the core of the success or failure of national, regional, and local governments.

Scholarship about economic development has most often mirrored this reality, with focus on approaches and mechanisms dominating the discussion. This volume seeks to build on the robust literature by focusing on the policy approaches for economic development across the world.

Despite the primacy of economic development among the policy aims of most every government, it is important to remember that economic growth is not an end in itself and does not occur in a vacuum. Rather the goal of economic development is the material well-being of individuals, and policy decisions about it happen in a broader policy context. In this light, this volume explores a variety of policy choices that impact economic development and ultimately the well-being of individuals, within that wider context.

The well-being of individuals is not found just in their pocketbooks (although that is often a dominant concern in well-being discussions) but also in the cultural, social, and political realms. Understanding and thoroughly exploring economic development requires an understanding of how policy decisions focused on economic development interplay with these complex realities.

Throughout this volume, chapter authors explore the policy environments of particular cases and seek to better explain how these policy decisions impact economic development in light of the interplay with other factors. From discussion of tax policy in the Russian Federation, to the interplay of economic development and culture in Namibia, to the complex interplay between tourism and extractive industries in the United States, this volume addresses a wide range of circumstances and policy realities.

Despite the variety of policy decisions, one common theme carries across each of the chapters in this volume, the decisions of policy makers continue to play an important and defining role in economic development, and that those policy decisions have real consequences for individuals. Further, this volume illustrates that economic development remains a worthy aim for policy makers in materially improving the lives individuals.

My own background is heavily tilted toward public policy in the United States. The policy questions that surround economic development in developed nations like the United States differ substantially from those faced by less developed nations.

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**Chapter 8 145**

The Financing of Spanish Colonial Commerce in America:

The *Almojarifazgo* and the Port of Veracruz

*by Emiliano Gil-Blanco*

The nature of the economic system and its level of development greatly influence the policy options available to foster economic development. Thus, a full understanding of how policy decisions will impact economic development requires a robust knowledge of the institutions, economies, and culture of the area being studied. Throughout this volume, our authors explore the impact of policy decisions within those cultural, political, and economic realties.

It would be difficult to underestimate the importance of economic development and the policies that attempt to foster it. The impact of these policy decisions are among those that have the most direct and immediate effect on the daily lives and well-being of individuals. Most often the impact of these policies are felt not by the policymakers but by those who must live with the policies they make.

Collectively, this and other work on economic development serves an important purpose in better enlightening the impact of policy decisions on economic development and can highlight what has worked and what has not in the particular cultural, economic, and political context. Our hope is that those who explore the chapters gain a better understanding of economic development policy and its impact on the well-being of individuals.

> **Dr. Ryan Merlin Yonk** North Dakota State University, United States of America

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Section 1

Understanding Economic

Development

**Dr. Vito Bobek** University of Applied Sciences FH Joanneum, Austria
