The Great Power Politic-Capital-Social Information Synergy towards Successful Local Economic Development

Abstract

The development concept with Local Economic Development (LED) approach applied by developing countries is considered as a new resolution to reduce poverty, unemployment, and economic gaps while improving the quality of life amid globalization and world hegemony. LED is a socio-economic field of study with a relatively new policy formulation that the planning and implementation process is still developing with various alternative theories and approaches. Hence, this paper provides a conceptual and analytical framework for understanding the great power of 4.0 (Politic-Capital-Social-Information) in LEDs synergy in an applicable and comprehensive manner. This paper analyzes the theory and approach of LED with a focus on conceptualizing the synergy of the great power of 4.0 (Politic-Capital-Social-Information) coming from the governments, communities, businesses, and media that affect LED implementation success in the context of developing countries. LED conceptualization is essential in facilitating researchers, practitioners, and policymakers to elaborate political power, capital power, social power, and information influence in implementing LED programs in developing countries. Unlocking the potential of LEDs by synergizing the power of 4.0 (Politic-Capital-Social-Information) is expected to reduce socio-economic gaps and realize equal development for all people, given the condition that the LED strategy has been formulated and implemented effectively.