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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 ...
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
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.
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."
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]
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 ...
A local development framework is the spatial planning strategy introduced in England and Wales by the Planning and Compulsory Purchase Act 2004 and given detail in Planning Policy Statements 12. In most parts of the two countries, maintaining the framework is the responsibility of English district councils and Welsh principal area councils .
Therefore, the implications and scope of regional development may vary according to the definition of a region and how the region and its boundaries are perceived internally and externally. In the past, regional development tended to center mostly on inward investment within national economies (OECD,2020). In recent decades, however, regional ...