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Local economic development (LED) is an approach to economic development, of note in the developing world that, as its name implies, places importance on activities in and by cities, districts and regions. Local economic development combines economic development activities, urban planning, infrastructure development and social development ...
Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a "broadly based and sustainable increase in the overall standard of living for individuals within a community", and measures of growth such as per capita income do not necessarily correlate with improvements in ...
Rural development is also characterized by its emphasis on locally produced economic development strategies. [4] In contrast to urban regions, which have many similarities, rural areas are highly distinctive from one another. For this reason there are a large variety of rural development approaches used globally. [5]
Early urban planners were often members of these cognate fields though today, urban planning is a separate, independent professional discipline. The discipline of urban planning is the broader category that includes different sub-fields such as land-use planning, zoning, economic development, environmental planning, and transportation planning. [8]
The United Nations defines community development as "a process where community members come together to take collective action and generate solutions to common problems." [1] It is a broad concept, applied to the practices of civic leaders, activists, involved citizens, and professionals to improve various aspects of communities, typically aiming to build stronger and more resilient local ...
Instead, the recent focus for industrial policy has shifted towards the promotion of local business clusters and the integration into global value chains. [24] During the Reagan administration, an economic development initiative called Project Socrates was initiated to address US decline in ability to compete in world markets. Project Socrates ...
Local development is a relatively young theory in social sciences based on the identification and use of the resources and endogenous potentialities of a community, neighbourhood, city, municipality or equivalent. [1] [2] The local development approach considers the endogenous potentialities of territories.
The fifth-wave of economic development began in the 1990s with a two-fold interest in providing market solutions and regional strategies for development. The idea of a comparative advantage has been integral to the development of the fifth-wave. This wave has been marked by economic developers who work to emphasize unmet demand, function as a ...