Complex sentence: First-wave economic development, or the Growth Promotion Approach, is characterized by a focus on industrial recruitment through financial incentives such as tax abatement and loans, and dates back to the 1930s, in the United States.
Split into simpler sentences: First-wave economic development, or the Growth Promotion Approach, is characterized by a focus on industrial recruitment through financial incentives such as tax abatement and loans. This method of business attraction dates back to the 1930s, in the United States.