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Friday
Dec162011

Local and Regional Economic Development

 Third Wave Local and Regional Economic Development

Third-wave” state economic development strategies have been widely acknowledged to reduce high-stakes incentives and promotions and have shifted emphasis from firm-based programs to broader regional programs. Although the change is well documented, less consensus has emerged about what has taken their place. Based on analysisof economic development programs in 16 states competing for high-technology industry, the study documented that the emerging third-wave economic development efforts—especially leadership, information, and brokering—are the essential tools by which states can establish their industrial policies. These policies are based on extensive strategic planning, public-private partnerships, foundations of technology, human resources and capital, and the development of strategic industrial clusters. The report concludes that the third wave is a state policy direction that focuses rather than replaces earlier strategies and that downplays expensive programs by mobilizing many established state programs to build strategic advantages in industry clusters that will stimulate the entire state economy.

Full text edq.sagepub.com/content/13/3/229.abstract

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 Competitive Advantage for the 21st-Century City: Can a Place-Based Approach to Economic Development Survive in a Cyberspace Age?

 Local economic development has been based on the notion that a locality can provide all of the resources to build and sustain an economic base. It is unclear in a cyberspace age whether any resources that a city controls are germane for economic development. Nonetheless, cities and states continue to invest enormous amounts of resources in the old models of attracting and retaining industry, in spite of clear evidence that this approach is no longer working. It is increasingly evident that the 21st-century economy is being shaped more by global than by local forces. This essay argues that the local economic development paradigm must be rethought, and that only communities taking a new path have a chance of success in a new global economy.

Full text   Journal of the American Planning Association

Volume 67, Issue 2, 2001