Local Economic Development Activity in Hungary
Local Economic Development Activity in Hungary

Summary/Abstract: The study deals with the practice of local economic development in Hungary and pays special attention to the role of local authorities. According to our interpretation, local economic development (LED) involves deliberate intervention in the local economy, in the course of which both internal and external resources may be used. This intervention may be initiated by external actors (e.g. central government, the European Union, foreign investment), but the key element of the process is the involvement of local actors who fulfil this role: those entities who accept, support or manipulate the conception of external development. The purpose of the article is to offer a brief review of the roles played by particular actors (e.g. central government, county authorities, Regional Development Associations and Councils [RDAs & RDCs]) – but principally by municipal authorities – in economic development in Hungary. The study highlights the problems of financing and planning LED and also looks at networking practices of local actors. The tools and strategies of local authorities pursuing development are reviewed and we attempt to analyse the level of success of local economic development in Hungary.

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