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After some seventy years of intensive debates, there is an increasingly strong consensus within the academic and practitioner communities that development is both an objective and a process towards improving the quality of people's lives in various societal dimensions – economic, social, environmental, cultural and political – and about how subjectively satisfied they are with it. Since 2015, the seventeen Sustainable Development Goals (SDGs) of the United Nations (UN) reflect such consensus. The sections behind this argument are based on a review of (i) three key theoretical contributions to development and different phases of development thinking; (ii) global and regional governance arrangements and institutions for development cooperation; (iii) upcoming challenges to development policy and practice stemming from a series of new global challenges; and, (iv) development policy as a long and steady, increasingly global and participatory learning process.