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From The Free On-line Dictionary of Computing (27 SEP 03) :   [ foldoc ]

  run-time library
       
           A file containing
          routines which are linked with a program at run time rather
          than at compile-time.  The advantage of such dynamic
          linking is that only one copy of the library needs to be
          stored, rather than a copy being included with each
          executable that refers to it.  This can greatly reduce the
          disk space occupied by programs.  Furthermore, it means that
          all programs immediately benefit from changes (e.g. bug
          fixes) to the single copy of the library without requiring
          recompilation.  Since the library code is normally classified
          as read-only to the memory management system, it is possible
          for a single copy of the library to be loaded into memory and
          shared by all active programs, thus reducing RAM and
          virtual memory requirements and program load time.
       
          (1997-07-16)
       
       

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