Local Economic Development: Analysis, Practices, and Globalization

Local level economic development has eluded Ghana since independence. This was because most policies were centralized. As a result, focus was shifted to local economic development. This article comparatively examined the local economic development strategies implemented in three of Ghana’s Metropolitan, Municipal and District Assemblies. Using the mixed method and multiple case study approaches of research, the study sampled a total of 533 respondents across the three Metropolitan, Municipal and District Assemblies and analyzed data using the Statistical Package for the Social Sciences. The study gleaned that the Metropolitan, Municipal and District Assemblies implemented similar local economic development strategies which could be categorized into contemporary local economic development and traditional local economic development approaches. Challenges such as inadequate finance, land tenure system, lack of modern equipment among others were identified. The provision of a central pool for financing local economic development, harmonization of locality development policies, de-politicization of local economic development policies, the adoption of change management strategies in Ghana’s local governance system, effective land tenure system are recommended for the success of local economic development in Ghana.

Sustainable Local Economic Development in Croatia and the Role of Social Capital

Contents: Foreword, Jeffrey A. Finkle Preface Part 1 Introduction: The importance of theory: linking theory to practice, James E. Rowe. Part 2 Defining the Discipline: Theory and practice in economic development: 80 entangled years in search of Panacea, Mark Miller The evolution of American (spatial) local and regional economic development policy and planning, Edward J. Blakely The theory and practice of developing locally, Andrew Beer. Part 3 Theoretical Concepts: 'Globalisation' and 'local economic development' in a globalising world: critical reflections on the theory-practice relation, Richard Le Heron Configuring to be globally competitive, Michael I. Luger Location theory, Philip McCann The theory behind business clusters, Martin Perry Regional economic development methods and analysis: linking theory to practice, Robert Stimson and Roger R. Stough The role of universities in theories of regional development, Paul Dalziel, Caroline Saunders and William Kaye-Blake Philosophies in entrepreneurship: a focus on economic theories, Luke Pittaway Theory and practice of technology-based economic development, Harvey A. Goldstein Social capital and local economic development, John P. Blair and Michael Carroll. Part 4 Theoretical Frameworks: Imperatives of enjoyment: economic development under globalisation, Michael Gunder Moving the discipline beyond metaphors, James E. Rowe Towards an alternative theoretical framework for understanding local economic development James E. Rowe Appendices Index.

This chapter explains the objective of this book, which is to compare local and regional economic development (LRED). This book aims to provide a better understanding of how local economic development is currently practised in Australia, England, Northern Ireland, and the United States. It describes the institutional landscape of LRED, examines the different governance structures for LRED's delivery, and outlines the main funding systems for local development in each country. The book analyses some of the main differences within each country in terms of how local-development activities are conducted and provides a critical analysis of the views of practitioners of the most and least effective approaches to economic development in each country.

Local Economic Development (LED) revitalization objective to change view of stockholders included of Central Government, Regional Government, Non Government Institution, and community, for Local Economic Development (LED) to be instrument of developing economic activity was based on locally resources for increasing the sustainable of local community welfare. This research aims to give accuracy information for Regional Governmen of Sukoharjo used for make Local Economic Development (LED) action plan for sustainable, in short term, middle term, and long term. The method of this research was descriptive analysis. The analysis method used for Rapid Assesment Techniques For Local Economic Development (RAPID). The output of this research is including output identific of Local Economic Development factors, LED status and LED recommended in Sukoharjo Regency. The location of this research for LED status was Sukoharjo Regency, in accordance with LED frame work of Central Java Province based on developed of business clusters in Local Economic Development (LED) sectors. Object research of LED status was Sukoharjo Regency, whereas respondent are stockholders to hook with Local Economic Development (LED) in Sukoharjo Regency. Based on this research output from RALED, it can be concluded that Sukoharjo Regency include in well categories viewed from six aspect of LED dimension, namely Target Groups, Location Factor, Synergy and Policy Focused, Sustainable Development, Government System, and Management Process. Unfortunately, based on specific value of many aspect of LED dimension in Sukoharjo Regency, it is still necessary to obtain serious attention from all stockholders particularly LED or FEDEP Forume (Forume Economic Development and Employment Promotion) in Sukoharjo Regency in the future. Therefore, it can increase many aspect of LED dimension to grow Local Economic Development (LED) in Sukoharjo Regency, particularly related with many aspect of PEL dimension, among of Target Groups, Focus and Synergy Policies, Government System, and Management Process.

A legtöbb szerző egységesen a helyi gazdaságfejlesztés céljaként a helyben élők helyzetének javítását jelöli meg. Ugyanakkor nem tisztázzák sem azt, hogy mit értenek a helyben élők jólétén, sem pedig azt, hogy a javasolt beavatkozások hogyan hatnak arra. Tanulmányunkban a helyi gazdaságfejlesztés jólétértelmezését fejtjük ki az egyik legnagyobb hatású kortárs közgazdaságtani/filozófiai gondolatrendszer, a képességszemlélet alapján. Azt vizsgáljuk, hogy a jólét fogalmával kapcsolatos különböző előfeltevések hogyan befolyásolják a helyi gazdaságfejlesztés célját, fókuszát és munkamódszerét.Tanulmányunkban megmutatjuk, hogy a képességszemléletre alapozott helyi gazdaságfejlesztés jelentősen különbözik az általunk eszközorientáltnak nevezett modelltől. Szemben az értéksemlegesnek és objektívnak gondolt szokásos fejlesztési megközelítésekkel, a képességszemlélet-alapú helyi gazdaságfejlesztés emberi értékeket középpontba állító, nyíltan értékvezérelt, közösségközpontú megközelítést kínál. Amellett érvelünk, hogy a képességszemlélet melletti elköteleződés nagyban segítheti a helyi fejlesztésekkel kapcsolatos kudarcok megértését és hozzájárulhat ahhoz, hogy olyan megoldások szülessenek, amelyek az eszközorientált modellben felismerhetetlenek. Rámutatunk arra is, hogy az érintettek aktív részvétele (a problémafeltárástól kezdve egészen a megoldások megtalálásáig és végrehajtásáig) a fejlesztés eredményétől függetlenül is értékes tevékenység, amely elősegítheti a helyi gazdaságfejlesztés sikerét.

The article examines the problems of implementing structural transformations in relation to the priority tasks of local self-government in ensuring the capacity of territorial communities for economic development at the regional level in the public administration system. It was established that in such conditions, local authorities must deeply understand the peculiarities of the dynamics of local economic development, possess the necessary knowledge, information, skills and experience to ensure greater competitiveness of their communities in the complex world of new realities. Today, they cannot wait for decisions «from above», but must independently solve their local development issues – creating new jobs, increasing employment of the population, attracting investments, increasing the income of local budgets, improving the quality of life, developing public works and infrastructure. It has been highlighted that in recent years in the developed countries of the world, there have been significant changes in the practice of planning the development of territorial communities (local development) and these changes relate to three areas: the levels of government responsibility for the implementation of territorial development planning have changed. Territorial communities assumed almost all responsibility for the local situation, for the level of quality of work, education, recreation and life in the community; the methodology of implementing the local development management process has changed. All activities of communities are subordinated to the strategy, which is created and executed by the community, which is implemented through permanent planned project activities subordinated to the strategy; there was a change in the management entity. Through partnership and inter-municipal cooperation, cities began to independently expand the space of their influence in the region, creating local factors of competitive advantages, forming joint projects to increase competitiveness (transport corridors, industrial parks, public-private partnerships, clusters, etc.). It was found that local development, or the development of territorial communities in highly developed countries of the world, is directly related to»local economic development». In fact, local economic development is an objective and complex multifaceted process, it refers to a relatively complete socio-economic unit in which all aspects of the life of society are manifested. The phenomenon of "local economic development" arose as a result of globalization processes, which are becoming the main factors in the future development of the world economy. Analyzing the capacity of the community, the importance of understanding the essence and content of the object of research, the legal nature of the concept of «community» was determined. The development of an administrative-territorial unit depends primarily on an efficient, effective, self-development oriented community. And the state must justify the possibilities of development and the framework of the functioning of such a community in the normative and legal aspect.

Selorejo Village, Malang Regency has tourism potential which is known as the Bumi Perkemahan Bedengan Tourism. However, Bumi Perkemahan Bedengan Tourism still needs to be developed optimally because this tourism has the potential to become sustainable tourism. The novelty of this research is to complement quantitative research methodologies related to the theme of developing village tourism potential, where there are research limitations from several previous studies, which are dominated by descriptive qualitative methods. The concept of Local Economic Development (LED) is deemed capable of optimizing available local resources by involving several stakeholders such as the Government, Local Communities, Business Actors, and Local Community Organizations. This research discusses tourism-based Local Economic Development (LED) that aims to examine the condition of Local Economic Development (LED) and provide insight in making plans or strategies for sustainable Local Economic Development (LED) in Bumi Perkemahan Bedengan Tourism. This article applies a quantitative approach with data analysis of RALED (Rapid Assessment Technique for Local Economic Development). Assessment of local economic development in Bumi Perkemahan Bedengan Tourism using the hexagonal concept of LED which consists of six aspects, namely target group, location factors, policy focus and synergy, sustainable development, governance, and management process. The results showed that the five aspects had met the good category. However, there is one aspect, namely the Target Group has a low index value of 45.92 which means that the condition of Local Economic Development in the aspect of the Target Group at the Bumi Perkemahan Bedengan is in a bad condition. Therefore, the target group aspect and the other two lowest aspects namely management process and location factors need attention for more improved in the efforts of Local Economic Development (LED) in the Bumi Perkemahan Bedengan Tourism.

This study examines the relationship between road investments and local economic development. More specifically, it incorporates the best available theory on this relationship into a workable approach for those faced with making road investment decisions. To provide a sense of the types of projects state-level highway administrators must evaluate and to apply the approach developed, a specific state program is used as a case study. Chapter 1 is an introduction. Chapter 2 presents a discussion of the economic development process. In Chapter 3 highway investment is related to local and regional economic development. Chapter 4 provides a review of previous research on the connection between highway investment and economic growth and development, and reports the results of a survey conducted of all 50 state departments of transportation. Also discussed in Chapter 4 are the features of special economic development highway programs found in 24 states. Their ability to promote efficient investments is examined. Chapter 5 examines Iowa's RISE (Revitalize Iowa's Sound Economy) program. The details of the program are explained and its funding experience to date is summarized. The 18 projects approved more than three years prior to this evaluation are then examined. Performance measures used by the Iowa DOT -- cost per job assisted and capital investment ratio -- are applied to compare projected and reported results. These two performance measures are critiqued as bases for making investment decisions. In the final chapter, Chapter 6, the framework presented in Chapters 2 and 3 are applied to assess the economic development impacts of the 18 case study RISE projects. A series of questions or screens are used in the evaluation of each RISE project. These screens constitute a sequential series of considerations for a state evaluating a proposed road improvement if the objective is local economic development.

As a result of the reforms of decentralization and local self-government, territorial communities have received more resources and powers to dispose of them, in this sense, the issue of local development has become especially relevant for communities. The purpose of the article is to study the processes of local economic development of Olshanskе village council. In accordance with the set goal, the following tasks were set and solved: to investigate the meaning of the concept of “local economic development” and the factors influencing; at the theoretical level to investigate the actors of local economic development and their place in the management process; to analyze the socio-economic development of Olshanskе village council and identify the main problems of its local economic development; to explore the possibility of implementing forms of community cooperation in Olshanske village council. To achieve this goal, the article uses general and special research methods: method of theoretical generalization and comparison; hermeneutic; comparative and graphic; analysis and synthesis. The article forms one’s own vision of the concept of local economic development. It is established that decision-making procedures in local development management depend on the task performed. The local economic development of Olsha village council is characterized. In the course of the research, the authors determined that the LED of the village council is based on creative principles. The article substantiates that the use of community cooperation will be a promising tool for local development. It is established that for Olshanske settlement council the potential subject of cooperation is the Koblevsky village council of the Nikolaev area. The task of the cooperation will be to ensure the provision of services in the field of urban planning and architecture on the territory of Olsha village council in accordance with the requirements of current legislation and increase the efficiency of the use of local budgets

Local economic development involves identifying and using primarily local resources, ideas and skills to stimulate economic growth and development, with the aim of creating employment opportunities, reducing poverty, and redistributing resources and opportunities to the benefit of local residents. Growth and development cannot take place in an institutional and legal vacuum. Local development and growth require an institutional and legal framework that allows development to take place in an orderly manner and in which agents know that the decisions they take and the contracts they make will be protected by law, and enforced. This paper examines the policy and institutional frameworks on local economic development in Ghana. The paper relies on desk research and secondary documents by critically examining and reviewing them. The findings show that over the years several institutions and policies have been put in place to help improve development at the local level. It is therefore important to build the local capacities and strengthen these institutions to be able to exploit local resources and to stimulate economic development at the local level. Key words: Local economic development, institutions, local government, poverty.

Over the last two decades, interest increased with regard to how some research universities made direct impacts on surrounding regional economic activities and growth. Although the role of basic research for most research universities has remained strong, pressure has intensified to broaden its missions to include helping local and regional economic development efforts. Consequently, many research universities have evolved their basic scientific research mission from the production of scientific knowledge to the sharing and exchange of knowledge with local industries by actively engaging in local economic development (Uyarra 2010). Previous examination has shown that most research universities contribute to local and regional economic development by various functions they provide. They are as follows: Creation of Knowledge, Human-capital creation, Transfer of existing know-how, Technological innovation, Capital investment, Regional leadership, Knowledge infrastructure production and Influence in regional milieu (Drucker and Goldstein 2007). This paper will review the existing literature on the role of universities and its impacts on local regional economic growth and development. In addition, this paper will show how two major research universities (The University of Arizona and Arizona State University) have contributed to the growth of Arizona during last two decades. It is believed that the existence of these two research universities have been instrumental in making industries more diverse and highly attractive, particularly in the Phoenix Metropolitan Area.

The concept of social capital has become more important in understanding contemporary economic development in the era of globalization. This concept, however, requires a theoretical framework that could help to distinguish between forms of social capital with positive effects on local development and other forms that may have negative consequences. This article argues that in order to understand this difference, two conditions are crucial. First, social capital has to be considered in terms of social relations and social networks, rather than in terms of culture and civicness. The second condition is that the interaction between social capital and other institutions, especially political institutions, has to be carefully analysed. Therefore, this article points to the crucial role of political factors - of the `embedded autonomy' of political action - in favouring a positive role of social capital in local economic development.

Ponte Academic JournalNov 2022, Volume 78, Issue 11 THE IMPACT OF COVID19 ON LOCAL ECONOMIC DEVELOPMENT AND INNOVATION IN SOUTH AFRICAAuthor(s): Sentiwe Maxwell ,lukman Yosuf, Makiwane BeautyJ. Ponte - Nov 2022 - Volume 78 - Issue 11 doi: 10.21506/j.ponte.2022.11.1 Abstract:Abstract Local Economic Development is an approach towards economic development which allows and encourages local people to work together to achieve sustainable economic growth and development thereby bringing economic benefits and improved quality of life for all residents in a local municipal area. As a programme, LED is intended to maximize the economic potential of all municipal localities throughout the country and, to enhance the resilience of the macro-economic growth through increased local economic growth, employment creation and development initiatives within the context of sustainable development (Bibri, S.E., 2021). LED is globally, but especially in developing countries, seen as the solution to improved quality of life, unemployment, poverty, and inequality. Development economics is focused on the economic, cultural, and political requirements to effect fast institutional reform so as to distribute the benefits of economic progress to the broadest section of the population, thereby ensuring that the poverty trap is broken (Eldridge, E., Rancourt, M.E., Langley, A. and Héroux, D., 2022). In order to achieve this, government intervention by means of policy formulation is needed as a component of development economics. With this background this paper will look into the impact of covid 19 on Local economic development and innovation in the Eastern Cape Municipalities, as this pandemic is threatening the stability of local government economy. In this study of the impact of covid19 on local economic development policy, evaluation theory was considered in the conversion of inputs that pertain to community needs. Download full text:Check if you have access through your login credentials or your institution Username Password

A great many papers have considered and analysed the problems of local economic planning and development, and it was a pleasure to read Michael Teitz's contribution with its emphasis on the role of small business. There are, however, differences in approach among writers on local economic development and it is useful to explore such differences. At first reading, Teitz's analysis appears to demonstrate a systematic approach, for he first discusses the problem of local economic development and the ways in which we understand how local economies work before proceeding to a review of the question of intervention to stimulate economic development. The core of the problems seems to be the loss of sources of employment and income without any evident means of replacement. For his analysis of the understanding of local economies, Michael Teitz discusses three kinds of approach which have been adopted traditional, structural and developmental and gives examples of each. However, provisional conclusions such as the following are somewhat disappointing and unremarkable: 'No simple formula can be employed in every circumstance to generate development'; 'Each of the broad conceptual approaches discussed so far is reflected in corresponding economic development strategies, albeit imperfectly.' The section discussing intervention and planning in the local economy is a clear description of actual approaches in the USA and the UK, but the analysis does not