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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 ...
The local development approach considers the endogenous potentialities of territories. Economic and non economic factors influence local development processes. Among the non economic factors, social, cultural, historical, institutional, and geographical aspects can be decisive in the process of local economic development. [3]
Integrally linked to these purposes are strategies to increase access to capital, stimulate asset building, improve the general business climate, and link citywide economic development efforts to specific community development efforts. [7] Increasing access to capital is an extremely important strategy for community economic 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.
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 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 ...
Logo of the LEADER initiative. The community-led local development (CLLD) funding approach is a European Union initiative to support the decentralised management of development projects, primarily in rural, but also in coastal and urban areas, by involving relevant local actors, including local organizations and associations, as well as individual citizens.
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 .