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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 ...
Economic development has existed even at a basic level since the earliest recorded communities. However, in the US and several other countries, the concept of community economic development emerged "in response to tenacious poverty and the need for affordable housing, good jobs, affordable health care and quality of life matters needed for human existence."
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 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 ...
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
"Local-economy theory" introduces insights into new economic development that honours ecological realities and finds efficiencies in small-scale, shared knowledge at the community level. [3] Community-based economies have been seen to focus on the idea that the “local community should be the focal point of development”.
Social responsibility is an individual responsibility that involves a balance between the economy and the ecosystem one lives within, [3] and possible trade-offs between economic development, and the welfare of society and the environment. [4]
A simple way to understand community leadership is to see it as leadership in, for and by the community. Community 'is frequently based in place and so is local, although it can also represent a community of common interest, purpose or practice'. [1] Community leadership is a specific form of the general concept of leadership.