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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 |last1=Cunningham |first1=Shawn |last2=Meyer-Stamer |first2=Jörg |date=2006-06-30 |title=Planning or doing local economic development? Problems with the orthodox approach to LED |url=http://www.ajol.info/index.php/ai/article/view/22449 |journal=Africa Insight |volume=35 |issue=4 |doi=10.4314/ai.v35i4.22449 |issn=1995-641X}}</ref>
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=
=== Local economic development responses to the COVID-19 pandemic ===
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