Development has been one of the major components of the knowledge system in the social sciences. Development is approached in a variety of ways by modern thinkers across disciplines. Scholars, Economists, Statesman, International Agencies such as UN are concerned with the problems afflicting the humanity. Many countries of Asia, Africa and Latin America, middle east have been grouped as under developed countries. Most of the newly liberated nations are gearing up to meet the standards of developed countries. Economists and world leaders are grappled with the developmental realities around the world. The over nous task of eradicating poverty, disease, mal nutrition, illiteracy, pollution is on the main agenda of the newly liberated states. With the establishment of UN, the economic development of member states received a greater momentum