Emergence and significance of local economic development
Emergence and significance of local economic development

Summary/Abstract: This paper makes a case that discerning what globalization means for local economic development strategies, structures and policies becomes a formidable governance challenge today. The thesis of this paper rests on the assumption that Local Economic Development (LED) policies as an integral part of the global socio-economic development, continuously occupy a greater importance in the overall economic development in less-developed countries as a way of resisting the forces of globalization. The main goal of this research paper is to find quantitative and qualitative justification for an appropriate governance structure for fostering local economic development. First, we argue that globalization debates engender controversy. One of the views is that it is a process which engages with trade, communication, technology, culture and the flow of capital across national boundaries and another that globalization has led to marginalization and exclusion because of downward pressures on systems of social protection, changing labour market conditions and increasing inequality in wages. Then, drawing on large national surveys of local economic development policies, the paper explores the policy strategies for community development that localities are employing as a response to globalization. Finally, the special focus of this paper has been given to the case of local economic development in the Republic of Macedonia.

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