Final answer:
Realistic and successful development policies in economic development include a market economy, high saving rate, and investment in infrastructure and human capital. Successful economies keep their economies open to imports and exports. Economic development tends to lead to democratic regimes and the building of market-friendly institutions.
Step-by-step explanation:
Realistic and successful development policies in economic development include a market economy, a high saving rate, and investment in infrastructure and human capital. These policies have been observed in successful economies that have achieved high and sustained increases in per capita output. Additionally, successful economies tend to keep their economies fairly open to both imports and exports, rather than relying on a strategy of import substitution.
Furthermore, the impact of economic development on a society is so strong that once a country reaches a certain threshold of growth, a democratic regime will tend to survive. Countries with higher levels of economic development are more likely to remain democratic once a transition to democracy occurs.
Optimists also argue that countries learn from the experience of faster-growing economies and are more likely to build and support market-friendly institutions that provide a higher standard of living.