Final answer:
The dominant economic development model in many world markets is market-oriented economic reforms, which focuses on a market-oriented economy as a necessary condition for development. It emphasizes investing in education and human capital development to improve the standard of living.
Step-by-step explanation:
The economic development model that still constitutes a dominant development philosophy in many world markets is market-oriented economic reforms. This model emphasizes the importance of a market-oriented economy as a necessary condition for economic development. It has been implemented in countries around the world, including the United States, Canada, Europe, Japan, East Asian Tigers, and many nations in Latin America and Eastern Europe.
Market-oriented economic reforms focus on improving the standard of living by promoting sustainable growth through investment in education and human capital development. This is achieved by addressing the basics of health and education, which are essential for economic advancement. Modern technology plays a vital role in enabling these investments and has contributed to the improved standard of living for billions of people worldwide.
While the debate between different economic development models continues, market-oriented economic reforms have shown success in many countries. However, challenges remain, such as the need to include poor people lacking human capital in the development effort and the requirement to overcome powerful interests that may hinder reform.