Local Economic Development

Abstract

Local economic development is concerned with the well-being of a place. ‘Local’ entails relations among processes at different scales, although it is not specific to a particular scale. ‘Economic development’ is concerned with qualitative changes in conditions and opportunities for work, although these changes can be interpreted differently. Many approaches to ‘local economic development’ are fruitfully understood in terms of different contexts, which have prompted different types of questions. Contexts dominated by exogenous processes have engendered questions about local dependency and underdevelopment. Contexts in which production systems have been restructured in situ have prompted questions about how a place can become developed by local firm and industry competitiveness—endogenous processes. Increasing globalization together with a concern for local competitiveness have prompted questions about how exogenous and endogenous processes can be effectively connected to foster local entrepreneurialism in the global economy. Reflexive thinking has resulted in a more inclusionary perspective, highlighting multiple local realities and challenging traditional presumptions about the coincidence of industrial and local development.