Community Economic Development

Definition

Community Economic Development (CED) is local economic development by the community for the community.

Background

A socio-economic leapfrog is a product of government led processes as well as local agencies. Community economic development is one technique to implement economic development on the local level.

CED is based on the perception that economic, environmental and social challenges on the local level, such as unemployment, poverty, environmental degradation, or lack of sense of community, are interlinked. These challenges require a collective response because the solutions are based on changing the community's values. Moreover, the working assumption is that solutions based on local knowledge and experience are more effective. Therefore, CED deals with those challenges in a comprehensive and inclusive manner giving solutions for the individual, the community and the region.

The development is carried out by locally based organizations. These organizations can range from Local Exchange and Trading System (LETS) and not-for-profit enterprises (such as cooperatives) to pure businesses. There are also umbrella organizations which act as a social network and as a source of advice and inspiration for communities facing similar challenges.

Tags

Socioeconomic Growth, Regional Development, Leapfrogging, Community, Start-Up Nation

2008-11-01

Concept

Socioeconomic

Smart Communities

CED is based on the perception that economic, environmental and social challenges on the local level, such as unemployment, poverty, environmental degradation, or lack of sense of community, are interlinked.

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