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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 documents taken as a whole must set out the authority's policies relating to the development and use of land in their area. In the case of LDDs included in a minerals and waste development scheme, the LDDs together must also set out the authority's policies relating to minerals and waste development.
In the United Kingdom, a core strategy document is the key compulsory local development document specified in planning law. Every other local development document is built on the principles it sets out, regarding the development and use of land in a local planning authority 's area.
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.
As such, strategic planning occurs around the strategy formation activity. [1] Strategic planning can be used in Project Management that focuses on the development of standard methodology that is repeatable and will result to high chances of achieving project objectives. This requires a lot of thinking process and interaction among stakeholders.
More significant elements of regional development and economic planning began to be established in England from the mid-1960s onwards. [ 2 ] [ 3 ] In most of the standard regions, Economic Planning Councils and Boards were set up, comprising appointed members from local authorities, business, trade unions and universities.
The objectives of the RDAs were set out in the Regional Economic Strategy (RES) of each region. The RES was a document created and maintained by the RDA for the whole region, i.e. it was not simply a document to guide the RDA, it was intended to guide the work of other organisations also.
The Strategy of Economic Development is a 1958 book on economic development by Albert O. Hirschman. Hirschman critiques the theories of balanced growth put forward by Ragnar Nurkse and Paul Rosenstein-Rodan, which call for simultaneous, large-scale increases in investment across multiple sectors to spur economic growth.