LOCAL DEVELOPMENT, A STRATEGY FOR TIMES OF CRISIS

Abstract

This article considers whether local development is a strategy that can offer solutions to the problems that characterize the current economic crisis. It argues that in order to emerge from the crisis it is necessary, on one hand, to regain confidence and make the financial system work while, on the other, improving productivity and the competitiveness of local economies so as to create employment and foster economic and social progress. In this sense local development offers a route out of the crisis, in that the strategic elements central to this approach - such as stimulating innovation, creating territorial networks and  investing in human resources and local infrastructure - favour increased returns on investments which in turn, increase productivity and the competitiveness of territories and their businesses.

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