Do you want to learn how a nation formed from thirteen colonies became economic power house overnight? Douglass C. North argues the crucial period of America’s Economic development was between the founding and the civil war. growth is always is always connected with economic progress and the expansion, which escalates in the capacity of an economy to produces of goods and services within a given period of time. Economic growth is always a long-term decision aimed at expansion in the production potential of the economy to satisfy the needs of the each and every individual in the country. All developed countries had persistent economic growth with the impact on the national income and level of employment, hence resulting in higher living standing standards.