Planning Local Economic Development: Theory and Practice Review

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Planning Local Economic Development: Theory and Practice ReviewWith relevant real-world examples and references to political and economic climates that are as recent as the Obama administration, Planning Local Economic Development is a textbook with personality and purpose. It sets the background, explaining that the proactive, multidisciplinary, and bottom-up approach taken by local economic development encourages communities to participate in the shaping and strengthening of their economy. Throughout the book, the authors cover a very broad range of topics, yet they still manage to get to the heart of each subject with relevant case studies and analysis. The book may be difficult for readers without a background in urban planning, but it is certainly not required. Primarily used to teach economic development students and future planners, the information and examples will also be useful for policymakers, community groups, and earlier editions have even been translated for international use.
The authors take widely accepted economic development strategies and deconstruct those strategies down to their core theories for the reader. Most notably, these strategies are then synthesized with the basic principles of sustainability. While traditional economic development strategies focus on job creation by attracting industries, the authors offer a three-part definition of sustainable local economic development as being, "achieved when a community's standard of living can be preserved and increased through a process of human and physical development that is based on principles of equity and sustainability" (p 75). That is to say that this concept of development must establish a minimum and increasing standard of living that reduces inequality and promotes sustainable resource use and production. This is also supportive of the book's assertion that human capital is the new driving force for economic development, and the jobs created from these strategies are superior to competing for an existing industry to relocate.
The book even presents arguments for novel, challenging, and sometimes controversial topics. In the section about planning process, the authors assert that, "Because the expected earnings for the U.S. Workforce will likely never be able to compete with the low wages of international labor markets, this country will best be able to maintain a healthy economy if its current and future workforce has a skills-based competitive advantage"(p 136-7). It is clear that local economic development has only begun to change the way people think about growth and viability, and its role in planning and policy will inevitably become more important in the years to come. If you enjoyed Thomas Friedman's Hot, Flat, and Crowded, you will certainly appreciate the knowledge and perspective that is offered by this text.Planning Local Economic Development: Theory and Practice Overview

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