Local economic development: Difference between revisions

Revision as of 15:11, 9 November 2023

Revision as of 11:12, 30 December 2023

Line 1:

{{refcleanup|date=March 2013}}'''Local Economic Development''' ('''LED''') is an approach to [[economic development]], of note in the [[developing world]] that, as [[local economy|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 activities to improve local conditions. LED encompasses a range of disciplines including physical planning, economics and marketing, all with the goal of building up the economic capacity of a local area to improve its economic future and the quality of life for all.<ref>{{Cite web |date=2008-10-11 |title=Local Economic Development - What is LED? |url=http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTURBANDEVELOPMENT/EXTLED/0%2C%2CcontentMDK:20185186~menuPK:399161~pagePK:148956~piPK:216618~theSitePK:341139%2C00.html |url-status=dead |archive-url=https://web.archive.org/web/20081011080420/http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTURBANDEVELOPMENT/EXTLED/0,,contentMDK:20185186~menuPK:399161~pagePK:148956~piPK:216618~theSitePK:341139,00.html |archive-date=11 October 2008 |access-date=2023-12-30 |website=[[World Bank]] |publisher=}}</ref>

{{Cleanup bare URLs|date=September 2022}}

{{refcleanup|date=March 2013}}

'''Local Economic Development''' ('''LED''') is an approach to [[economic development]], of note in the [[developing world]] that, as [[local economy|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 activities to improve local conditions. LED encompasses a range of disciplines including physical planning, economics and marketing, all with the goal of building up the economic capacity of a local area to improve its economic future and the quality of life for all.<ref>http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTURBANDEVELOPMENT/EXTLED/0,,contentMDK:20185186~menuPK:399161~pagePK:148956~piPK:216618~theSitePK:341139,00.html</ref>

==Definitions for Local Economic Development==

There are several definitions for '''Local Economic Development''' ('''LED'''). In one of the early concept notes on LED, the World Bank in 20022006 defined LED as: LED is "the process by which public, business and non-governmental sector partners work collectively to create better conditions for economic growth and employment generation. The aim is to improve the quality of life for all in the community."<ref>World{{Cite Bankbook (2002),|last=Swinburn “Local|first=Gwen |url=http://siteresources.worldbank.org/INTLED/423069-1099670772921/20738133/led_primer.pdf |title=Local Economic Development –: A Primer“,Primer DecemberDeveloping 2002and Implementing Local Economic Development Strategies and Action Plans |last2=Goga |first2=Soraya |last3=Murphy |first3=Fergus |publisher=[[World Bank]] |___location=Washington D.C. |publication-date=January 2006 |language=en |archive-url=https://web.archive.org/web/20170329084338/http://siteresources.worldbank.org/INTLED/423069-1099670772921/20738133/led_primer.pdf |archive-date=29 March 2017 |url-status=dead}}</ref>

In 2007 GTZ (now called [[Deutsche Gesellschaft für Internationale Zusammenarbeit|GIZ]]) refined the definition of the World Bank by describing LED as: “a process to mobilise stakeholders from the public and the private sectors as well as from civil society, to become partners in a joint effort to improve the economy of a defined subnational territory and thus increase its competitiveness”.<ref>Source: GTZ (2007), „Local and Regional Economic Development”</ref>

Another recent definition from [[Swiss Agency for Development and Cooperation]]|SDC : “SDC Bangladesh understands LED as a“a broad set of activities, which aim at creating a competitive advantage for an urban or rural territory and for the enterprises in this territory to improve territorial attractiveness and economic wellbeing." This definition was developed for the SDC by Mesopartner, a research consultancy specialising in Local Economic DevelopmentLED that was co-founded by the late [[Jörg Meyer-Stamer]].

Different developmental organisations tend to emphasise elements in the definitions that are aligned with their specific mandate. For instance, [[United Nations Human Settlements Programme|UN-Habitat]] defines LED as:LED is a participatory process where local people from all sectors work together to stimulate local commercial activity resulting in a resilient and sustainable economy. It is an approach to help create decent jobs and improve the quality of life for everyone, including the poor and marginalized.<ref>UN-Habitat (2004), “The Quick Guide, Strategic Planning for Local Economic Development”, June 2004</ref>