The importance of local economic development (LED)

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Ivane Javakhishvili Tbilisi State University Press
In response to the contemporary challenges of globalization, governments, self-governments and other actors in the implementation process of development policy are increasingly adopting Local Economic Development (LED) as an alternative approach which is different from traditional economic development. LED provides a comprehensive platform that integrates the economic, social, political and institutional aspects at the local level. LED is a participatory-based development process where partnerships between key stakeholders are encouraged. The LED approach ensures growth and sustainability of economic activities, inclusiveness, proper, sustainable and effective utilization of local resources, environmental protection and value chain development.
1. Local Economic Development in Post-Crises Situations (Operational Guide) , International Labour Organization (ILO), 2. Local Economic Development and its Potential, Dr. Karl Birkhölzer, Interdisciplinary Research Group Local Economy at the Technical University of Berlin, 2005, 3. The Hexagon of Local Economic Development, Dr Jörg Meyer-Stamer, 2005, 4. The Role of Local Economic Development Agencies (LEDAs) in Supporting Local Innovation, By Ornet James Nene, March 2015, 5. Universities, Innovation and the Competitiveness of Local Economics, Richard K. Lester, Industrial Performance Center Massachusetts Institute of Technology, 13 December 2005 6. 7. 8. html
Local Economic Development, Local economic growth, Sustainable development, Inclusive growth
The 4th International Scientific Conference: "Challenges of Globalization in Economics and Business", Tbilisi, 2019, pp. 386-389