Abstract
The practice in developed countries has shown a necessity for local government's stronger inclusion in local economic development issues. The economic system in Serbia has features of high unemployment rate and low living standard among the population, and therefore local government taking a larger part in local economic development issues is seen as a real possibility for reducing these problems. Although most of the economic policy instruments lie within the central government jurisdiction, which largely restricts local government possibilities, there is still an important area for local government influence on economic development. There are numerous obstacles for a successful application of the local economic development concept in Serbia, which causes the municipality and regional potentials to be used much less than the possibilities allow, and it has a negative reflection, especially in rural and undeveloped areas.
Highlights
Local economic development (LED) is most often considered as local economy growth capacity to create wealth for its population, improve the quality of life through the increase of employment, real earnings, personal property value, scope and quality of local government services, etc
Local governments want to improve the quality of life for the whole local community, and strives for the planned, sustainable development which takes into account both social and ecological factors
There is a question about the optimal role of the local government in the area of the economy and what influence can local government have taken into account the limitations in front of it? what are the conditions to be met in order to provide the local government the achievement of optimal results in the encouragement of the local development? It is undeniable that the economic development is impossible without acknowledging the other elements of the social development, and some of those are workforce quality, political stability, infrastructure accessibility and quality, the quality of life, simplicity of administrative procedures, etc
Summary
Local economic development (LED) is most often considered as local economy growth capacity to create wealth for its population, improve the quality of life through the increase of employment, real earnings, personal property value, scope and quality of local government services, etc. The key contribution to local economic development comes from the creation policy of optimal infrastructure and regulatory environment in economic development, with the possibility of selective attraction of certain economic branches and activities, often through public-private partnerships. These tendencies are the result of the change in the structure of the world economy where industry loses its previous role in favour of service and high technology sectors. Local governments possess important instruments for local development encouragement, for example in urban planning area, building land management, infrastructure quality, local fees and taxes, etc
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