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==Definitions for Local Economic Development==
There are several definitions for Local Economic Development. In one of the early concept notes on LED, the World Bank in 2006 defined LED as "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 name=":0">{{Cite book |
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>{{Cite book |
The [[Swiss Agency for Development and Cooperation]] defined LED as"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 LED that was co-founded by the late [[Jörg Meyer-Stamer]].
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==Approach==
There are two broad approaches to LED. One is about developing a strategy for a ___location, mainly through planning. This is often the preferred approach by international development organisations and governments in developing countries.<ref name=":0" /> The other approach is a more iterative approach where local stakeholders jointly learn about what is possible in the local context. In this approach a broad range of private and public stakeholders cooperate to improve local conditions to create jobs and local wealth.<ref>{{Cite journal |
According to the ILO, national and local governments, as well as enterprises and other organisations have to rethink development strategies to cope with ongoing events such as [[globalization]]. In contrast to traditional development policies, Local Economic Development strategies promote local dialogue and enable people to be more proactive; help to make local institutions better contribute to development; make economic activity dependent on the comparative advantages of a specific territory, generating development by firms more capable to withstand changes in the global economic environment rather than top-down development imposed by national planners.<ref>{{Cite web |date=2011-02-14 |title=Local Economic Development (LED) |url=http://www.ilo.org/empent/areas/WCMS_093862/lang--en/index.htm |access-date=2023-12-30 |website=[[International Labour Organization]] |language=en}}</ref> Economic development activities in developing countries tend to be unidisciplinary, initiated and implemented by just one ministry or agency. An advantage of LED approaches is that they facilitate a multidisciplinary approach. [[South Africa]] has been particularly active in promoting the concept.<ref>{{Cite journal |title=Local Economic Development in South African Municipalities: Prospects and Challenges |url=https://journals.co.za/doi/10.31920/2634-3649/2023/sin2a9 |journal=African Journal of Development Studies |volume=2023 |issue=si2|doi=10.31920/2634-3649/2023/sin2a9 |doi-broken-date=2024-01-07 }}</ref>
=== Local economic development responses to the COVID-19 pandemic ===
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