Premium Essay

Local Economic Development Partnerships

In: Social Issues

Submitted By Lucyks
Words 1516
Pages 7
“Local Economic Development can only be effective if all actors work in partnership.” Consider the arguments for and against this statement.
Introduction
With the ongoing discussions on universal development for all for sustainable economic growth, countries and regional bodies are focusing on the drivers for local growth within the different economic spheres. An important group for driving growth is local actors as one of the key stakeholders in this process.
Ideally these partners should come from the government, private sector, civil society and community groups. This is to enable inclusion of all stakeholders involved and for collective responsibility. Governments mainly have been under pressure to build or realign institutions to function at local level and to create policies for their stakeholders that are inclusive. For the developed countries, focus is on allowing for bottom-up approaches like the Enterprise Zones and Local Enterprise Partnerships while for developing countries with large informal economies and weak institutions, the approaches vary partly due to failed policies in the past and the slow economic growth. On the international scale, development organisations have been tasked with coming up with better ways of dealing with particular regions characteristics to avoid the ‘one size fits all’ approach that previously existed. This has been deemed to be a more effective way of achieving sustainable growth. (UN Habitat, 2009) However the issue around how effective this is and its measurement still remains an enormous uphill task for these partnerships. This has been difficult also due to the fact that in every aspect of development plans, partner countries and organisations are being required, alongside ending poverty and promoting prosperity, to include protection of the environment for future generations.
In this essay I will define what…...

Similar Documents

Premium Essay

Economic Development

...Economic Development The Impact of Political Decision Making Process to Economic Development Ruben Tota 1006805763 Statement of Authorship “Saya/kami yang bertandatangan dibawah ini menyatakan bahwa makalah/tugas terlampir adalah murni hasil pekerjaan saya/kami sendiri. Tidak ada pekerjaan orang lain yang saya/kami gunakan tanpa menyebutkan sumbernya. Materi ini tidak/belum pernah disajikan/digunakan sebagai bahan untuk makalah/tugas pada mata ajaran lain kecuali saya/kami menyatakan dengan jelas bahwa saya/kami menyatakan menggunakannya.” Saya/kami memahami bahwa tugas yang saya/kami kumpulkan ini dapat diperbanyak dan atau dikomunikasikan untuk tujuan mendeteksi adanya plagiarisme.” Nama : Ruben Tota NPM : 1006805763 Mata Ajaran : Economic Development Judul Makalah/Tugas :The Impacts of Political Decision Making Process to Economic Development Tanggal : 11 April 2013 Dosen : Mr. Budi Susetyo Tandatangan : ( / / ) Abstract The main idea of the paper is that the involvement of politicians in economic development decision making process as measured by political influence on Indonesian economic system which associated with worse economic performance. The procedures are based on the analysis of outlier events and differentiate between several sources of risk (“Political, Economic, World market, Other”). This paper is supported by my empirical results, which indicate that political influence is the most......

Words: 5587 - Pages: 23

Premium Essay

Economic Development

...Miranda Levy May 2013 BUS-110-OM1 Economic Development Today, economic development is about establishing profitability and a rising standard of living. The core drivers of prosperity is productivity growth, with innovation being the key driver of productivity. The fundamental focus of economic development should be in supporting innovation, increasing the success of American businesses, and guaranteeing American workers have the skills needed in continuing to be the most productive workforce in the world. By encouraging new ideas, technologies, and methods that lead to better jobs with higher wages, innovation will drive the growth of American industry, and, consequently, a much higher standard of living. Currently the prominent reality of economic development is that we now operate in a worldwide economy, meaning that American businesses must collaborate with countries besides our own (mrsc.org) The National Small Business Association (NSBA) is recognized for its bleak reporting, and recently revealed its outlook for 2013's economic climate. The presence of economic unpredictability was referred to as being the most notable challenge facing small business owners, including issues such as the eurozone crisis (one of the largest economic regions in the world) and decreasing growth in nations such as Spain. Although it may seem as though the economic forecast for 2013 is unpromising, there are some considerable reason for optimism. The United States economy,......

Words: 766 - Pages: 4

Premium Essay

Economic Development

...Economic Development The Galveston, Texas economic development group was looking for new ways to attract new jobs and businesses and to retain existing jobs and businesses. They discovered that food processing plants have big economic spin-offs for small and medium-sized communities. In this case, a national food processing chain was looking to expand its operations, but is requesting that the city purchase its current building to enable it to build a new facility in the community to accommodate the expansion. The plant estimates that sales will increase by $20 million. All sales are purchased outside of the municipality. Once the plant opens, it’s expected to employ 250 workers with an average hourly wage of $15.00 per hour. Direct Impact The size of the proposed construction project was 50,000 square feet, with a per square foot cost of $100, which generated $5,000,000.00 in construction business generated by this project. A construction multiplier of 1.5 x the $5,000,000.00 would generate $7,500,000.00 in total construction benefits for the city. Expansion of the processing plant is projected to be a $30,000,000 contribution to the City of Galveston’s economy. Attracting and maintaining this type of business within the city would have tremendous impact on the local economy. Another direct effect included the 300 construction workers staying at 300 different hotel rooms at a rate of $75.00 per night, an immediate impact on the local hotel economy of $22,500.00. ......

Words: 865 - Pages: 4

Premium Essay

Economic Development

...Despite levels of wealth and development unparalleled in history, billions of people on our planet are still uneducated, poorly housed , sick, inadequately fed or even starving as a result of poverty. Is this a result of economic development, or can a rising tide of economic development give all humans a basic standard and dignity of life? In this essay, I will ask if economic progress is only for one group in our society. It’s important to realize that economic activity alone is not enough to end poverty. In many poor countries, natural resources such as copper, oil or even land are being exploited by local or foreign companies but with little benefit for the local people. Nigeria’s oil wealth and Zimbabwe’s diamonds are examples where money leaves the country or does not help the majority. Secondly, economic activity can have devastating consequences on the environment . Dam projects in India or the clearing of the rainforest can mean local people lose land and livelihoods. Furthermore, multinational companies are not tied to any country. Businesses move overnight and outsource to find even cheaper labor or resources, leaving unemployed people behind them. However, we can’t go back to a Stone-Age existence of barter and living in huts. More people than ever have access to electricity , clean water, good schools, and medicine than ever before. Clothes, electronic luxuries such as phones, televisions and computers are cheap. All these things have come about through......

Words: 357 - Pages: 2

Free Essay

Economic Development

...1Developed Economy Developed economy is an economy enjoying sustained economic growth and security. Some of the common characteristics of a developed economy are low birth rate and higher life expectancy, high level of literacy and a well trained workforce and the export of high value added goods. High gross domestic product is also a common measure of a developed economy. (Business dictionary 2011) However a developed economy is an economy that has a high level of economic development in a classified state, according to some criteria. Countries classified We could also argue that in times of low unemployment, workers have more power to demand higher wages because they know they cannot be easily replaced. Conversely, during high unemployment businesses have more bargaining power because both they and their workers are aware of the competition and that replacing workers is easier. Also the need to lower spending on welfare where more people working means fewer people claiming welfare. With lower welfare spending, governments can put more money into new schools or hospitals. Increased spending on health care and policing, which suggests that areas with high unemployment rates tend to have higher crime rates, too, coupled with the local population's poor health. The social and psychological effect of low unemployment rate cannot be totally ignored; high unemployment has been linked to psychological and physical disorders, divorce, suicide and crime.......

Words: 389 - Pages: 2

Premium Essay

Economic Development

...Assignment 1 comprises five written response questions. Your response to each of the five questions should be approximately 150 to 250 words. Prepare your responses for all five questions in one document (Microsoft Word or compatible). Each question is worth 15 marks. 1. Are per capita increases in GDP (gross domestic product) a good indicator of economic development? Explain your answer. GDP per capita is often a very lacking indicator of economic development. There are many other factors that affect economic development. The three core values of development are: sustenance, self-esteem, and freedom. While growing GDP and GNI can help attain these, particularly sustenance, it is not enough. Often incomes are not distributed evenly, in both developing and developed nations. Sustenance is basic goods and services, including food, shelter, clothing; the basic needs for survival. GDP can help achieve this but it has less effect on the other two core values. Self-esteem can be described as a feeling of worthiness that a society enjoys when it’s social, political, and economic system and institutions promote human values including respect, dignity, integrity, and self-determination. A large GDP/capita increase was seen in many Middle Eastern countries, yet most of the population was left out of the growth, women are treated as second citizens, and poverty is still wide spread. Freedom is a situation in which a society has a variety of......

Words: 1244 - Pages: 5

Premium Essay

Economic Development

...Community Economic Project Profile (Part B) On CRESCENT TOWN Importance of abundant community theory: John McKnight coined the term Abundant Community where community members stay together, work and care each other, raise their children together and collectively work to create and produce their future and abundant communities are vital, productive and important for social change. According to John and Peter, “There are things that people can do only as families and neighbors that are vital to a good and satisfied life”. The responsibilities of an abundant community are to ensure health, safety, environment, economy, food, children and care and no business, agency or government can fulfill these seven community functional responsibilities. We must become citizens rather than consumers and good thing about the abundant community that it tells us to act like a responsible citizen who can bring success within the community. According to Abundant Community theory, our resources are abundant in the community and we have to work together as citizens to create our future by using these resources. So, Abundant Community is very significant to ensure effective community change. In the Abundant Community, local people feel empowered and they work together to bring positive social changes. Like all other communities in the world, Toronto neighborhood communities need to implement the theories of abundant community by which we can bring effective social change. Abundant community...

Words: 874 - Pages: 4

Premium Essay

Economic Development

...Discussion Board Forum 2: Economic Development Sebastian Oertel Liberty University Online Discussion Board Forum 2: Economic Development Working in transportation with a focus on rail, government or World Bank based economic development is a key tool to enable some third world countries afford the infrastructure needed for continued growth. Countries like Vietnam or some large cities in Latin America are in need of reliable metro systems in order to combat traffic congestion, offer means of transportation to the low income population and at the same time increase the cities attractiveness for additional foreign investment, while reducing carbon emissions. Lack of funds for these large scale infrastructure projects is a main obstacle, which can be overcome through economic development in form of grants or no to low interest loans. “Economic development is the development of economic wealth of countries, regions or communities for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base” (http://www.svbic.com/node/24). While this definition gives a broad overview, the basic idea includes a multitude of possibilities, which are aimed to improve the current status of an economy. That economic zone many times is a third world country, region or city, but......

Words: 895 - Pages: 4

Free Essay

Local Development

...Chapter Seventeen Local and Rural Development Egypt is considered one of the oldest countries in recognizing the local administration since the division of delta into two major parts; countryside and urban areas in the wake of the opening of Egypt in 641 AD. The early beginnings of the local sys-tem were known in Egypt through the French occupation, where Napoleon divided the country into 16 directorates. The first constitutional recognition in the Egyptian local system came in two articles 132 and 133 of the 1923 Constitution. This Constitution stipulates that all the councils would be chosen by elections. The Constitution also granted the councils specializations concerning the implementation of local general policy and required them to publish their budget and to open its doors to the public. Arab Republic of Egypt is, according to the 1971 Constitution, divided now into administrative units that enjoy nominal characteristics i.e. the 26 governorates, including (180) centres, (213) cities, (74) districts and (4632) villages, besides Luxor. The units of local administration undertake, in the light of the State general plan, establishing and managing all the public utilities. These units also undertake the approval to perform projects of reclamation in the framework of local units. The local and rural development is considered an important pillar of the comprehensive development of Egypt. It is the principal administration to achieve the developmental balance among......

Words: 4169 - Pages: 17

Premium Essay

Closer Economic Partnership Agreement

...manufacturing sources, however, has meant that its share of the region‟s trade has grown markedly in recent years. But the Port of Shenzhen should not be viewed exclusively as a competitor: industry is quick to point out that opportunities for cooperation exist. Overall transparency restricts efforts to properly identify and report on the regulatory framework of China‟s ports. Regulation and Incentives The Shenzhen Free Trade Zone offers tax incentives as well as freedom in negotiating and entering into trade contracts. Local governments are empowered to issue incentives on top of central government initiatives. While incentives have traditionally focused on the manufacturing sector, Shenzhen is now encouraging the development of the services and logistics sectors. Incentives provided during the global downturn highlight the existence of a responsive and proactive approach to improving the Port of Shenzhen‟s competitiveness Closer Economic Partnership Agreement (CEPA) CEPA is one of Hong Kong‟s key attributes in taking advantage of China‟s rise. Numerous provisions of CEPA including supplements to the original text have enabled Hong Kong‟s marine sector to penetrate the Chinese market, especially in Shenzhen and the wider Guangdong Province. Future expansion of CEPA and introduction of further maritime-specific provisions will no doubt improve cooperation and benefit Hong Kong‟s maritime businesses. A Shift Toward a Maritime Service Sector? China is......

Words: 412 - Pages: 2

Premium Essay

Economic Development

...can become competitive which is a benefit to all consumers and tax revenue can benefit the overall economy. A greater point in the trade simulation is that it allows the local market to expand into other countries if they offer goods that are not provided to other areas. For instance, if the country produces coffee and exports to another country that cannot produce coffee it is a greater advantage for revenue for the exporting country to provide a good that is not accessible everywhere. The last key point is investment in a particular country. If a country can provide goods to many areas it can lead to greater investments from other countries. For instance, in Africa they can mine for diamonds which is not available in all areas of the world but the good can be purchased by many countries putting a greater investment into property in Africa to sell more of that good. The investment brings revenue into the area by providing more stability for their citizens along with a steady economy. The influences that affecting foreign exchange rates according to Lowery (2008) interest rates, economic health, foreign trade, official interventions and shocks and speculation. As interest rates rise in a country it can also cause their monetary value to increase which in turn affects the exchange rates. The economic health can affect exchange rates according to Lowery (2208) by “an economy whose indicators (like growth, inflation and debt burden) are positive tends to see more......

Words: 650 - Pages: 3

Premium Essay

Economics Development

...Chapter - I Introduction Economic development is one of the main objectives of every society in the world and economic growth is fundamental to economic development (Anwer and Sampath, 2000). There are several economic and non-economic factors affecting economic growth and development. Foreign trade plays an important role in the economic development and growth of a country (Meier, 1980). It serves as an important engine of economic growth and development. Foreign trade as a highway of learning and thus foreign ideas and creativity imported by foreign trade are an impetus to domestic creativity and growth and thus has a deep impact on welfare, stability, and development of an economy. The opening up of trade sometimes works as a sort of industrial revolution in a country whose resources were previously underdeveloped. An outstanding outward-oriented industrialization is superior to inward-oriented industrialization as a policy of economic development, and open economies have generally found to outperform than less open ones (Sachs and Warner, 1995). Industrial development and growth of 1970s and 1980s in some North East and South East Asian economies have also been in line with the lesson that external orientation and foreign trade generate a propelling force for economic development. Trade liberation can lead to significant income increases and effectively promote development by allowing the optional allocation of resources in an economy. Foreign trade is important to the......

Words: 4455 - Pages: 18

Premium Essay

Economic Development

...Economic development is something which cannot be universal as people’s ideas are constantly different and always changing. Michael Todaro considered economic development to fall under three categories: life sustaining goods and services, higher incomes and freedom to make economics and social choices. These may be restricted from improving in countries which are trying to improve their GDP, grow as an economy- developing countries for the following factors. Firstly, in developing countries there is often a savings gap, where by domestic saving is very hard. For example, in low income regions such as Africa with high levels of absolute poverty, these people us most if not all of their income to provide and support their families with none left over to save. This makes it impossible for them to generate sufficient funds for unexpected expenses. This then can damage their living standards further if homes, livestock and possessions are lost. This restriction to make free economic and social choices, would, in Todaros view, indicate a lack of economic development. Furthermore, without saving it restricts developing economies from business and capital investment as with no one saving there is no money to loan out to fund investment and expansion for businesses to improve their capital and thus improving the standard of living in impoverished areas through increased wages and greater access to life sustaining goods such as food and water. Capital investment is important as is our...

Words: 1285 - Pages: 6

Free Essay

Economic Development

...Mälardalen University School of Sustainable Development of Society and Technology International Business and Entrepreneurship master program Master Thesis, course EFO705 Tutor: Leif Linnskog 03.06.2008 Economic Development through Globalisation in Nigeria An analysis of Shell & the IMF Structural Adjustment Programs Sven Bokhari 820619-P291 Fabrizio Del Duca 791225-P114 Group number: 1983 Summary Date: Level: Authors: 2008/06/03 Master thesis in International Business and Entrepreneurship, 10p (15ECTS) Sven Bokhari Västerås Date of birth: 19820619 Fabrizio Del Duca Västerås Date of birth: 19791225 Title: Economic Development through globalisation in Nigeria. An analysis of Shell & the IMF Structural Adjustment Programs Leif Linnskog, Ph.D. Tutor: Research Question: Can globalisation be seen as positive or negative for the Economic Development of Nigeria? A focus on Shell and the International Monetary Fund Research Issue: Globalisation in its current form is viewed in the Western world as a positive influence for the Economic Development of under developed countries. However these views on the benefits brought to developing countries have been frequently disputed. The research we are undertaking is a pilot study based on documentary research. Our source of information is secondary data such as books, articles, newspapers and journals. The study employs a qualitative approach. Even though globalisation is often viewed as positive we have discovered......

Words: 22560 - Pages: 91

Premium Essay

Economic Development

...Pacific State University EC512 International Economic Development Assignment # 9 By Phattaranit Prabpai Q1. The effects of international trade on a country’s development are often related to four basic economic concepts: efficiency growth, equity and stability Briefly explain what is meant by each of these concepts as it relates to the theory of international trade. The whole economic basis for international trade rests on the fact that countries do differ in their resource endowments, their preferences and technologies, their scale economies, their economic and social institutions, and their capacities for growth and development. Developing countries are no exception to this rule. Some are very populous yet deficient in both natural resources and human skills, at least in large regions of the country. Others are sparsely populated yet endowed with abundant mineral and raw material resources. Still others are small and economically weak, having at present neither adequate human capital nor the material resources on which to base a sustained and largely self-sufficient strategy of economic and social development. A statistical summary of recent LDC trade performance and patterns. There follows a simplified presentation of the basic neoclassical theory of international trade and its effect on efficiency, equity, stability, and growth. We then provide a critique of pure free-trade theories in the light of both historical experience and the contemporary......

Words: 3889 - Pages: 16

Single ParentsSeason 1 Episode 12 | The Under-Planes | Скачать APK