The cultural context of contemporary understanding of socio-economic development

Research background: The way of understanding of development concept in economics has been changing since the beginning of the discipline: from economic growth, through economic development to socio-economic development. The author of the paper believes that identification of features of cultural context that shape understanding of this phenomenon will allow to understand appropriately contemporary definitions of this process. Purpose of the article: The purpose of the paper is to reconstruct features of socio-cultural context in which it has changed the way of understanding of development concept in economics. The specific objectives are as follows: identification of period in which it was recognised that development is something more than economic growth, identification of reasons and circumstances of evolution of development definition: from economic growth to socio-economic development. Methodology/methods: A basis for conclusions formulation will be a research of literature (mostly publications in English). Analysis will have interdisciplinary character as it relates sociological and economic dimensions of analysis of development. Findings & Value added: Division of economic development and economic growth took place in 1960s. Change of understanding of development concept was caused by the following factors: (1) influence of new sociological and philosophical ideas, (2) historical events, (3) growing meaning of formalism and scientism in economic considerations, (4) international cooperation for development.