Understanding of the Concept of Local Economic Development
Understanding of the Concept of Local Economic Development

Summary/Abstract: The modern age is characterized by rapid change on all levels, from local and national, to regional and international. Changes and processes that induce the most attention are those that affect and determine economic life of society and of man as an individual. In the 20th century, such changes can be monitored at the local level, as the practice and decision-making in economic matters was descended to the level of citizens in local government units, which makes it a more effective and more efficient way of managing the economy both in the developed and the less developed countries. The following article deals with the concept and importance of the concept of local economic development, both in our country and beyond, at the international level, as well as the factors that significantly affect the local economic development.

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