Development in Canada Local economic development

N. V. Savchenko
Development in Canada Local economic development
Financial University under The

Government

Moscow 2016

a nominal GDP of approximately US$1.79 trillion.
Canada's manufacturing, mining,

and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one.

in which local governments engage to enhance economic prosperity and

quality of life.

LED helps all citizens realize and equitably benefit from economic development. Canada has a long track record in LED.

Worldwide, there is a resurgence of interest and commitment to local economic development (leD) premised on the desire to not only more significantly foster broad-scale development, but most importantly to do so in a manner that engages local citizens and communities, fairly considers all citizen interests, prioritizes equitable and sustainable sharing of responsibilities and results in a greater realization and more equitable distribution of the benefits of economic development.

“smokestack chasing” the first wave of LED in North America

had its basis in the desire to firmly and visibly solidify the economic foundation of a municipality by attracting one major enterprise to relocate or start anew in the community.

the publication of Dr. David Birch’s controversial but highly acclaimed

research on the role of small business in economic development, a new wave of LED practice was borne.

The third phase of leD took place in the early

’90s. it was characterized by a declining emphasis on traditional industrial attraction and retention efforts to one with broader and more innovative foundations:
public-private partnerships,
regional networks and associations of communities,
enhanced local human capital capacities,
industrial clusters.

became more inclusive, built from broad stakeholder engagement and multidisciplinary

partnerships. LED efforts during this period encompassed comprehensive, multi-faceted strategic approaches with innovative solutions.

approach that recognizes economic, environmental and social well-being are interdependent

aspirations and thus each leD program is necessarily multi-dimensional.”

the economic realities of the 21st century
inclusive, representing broader

stakeholder interests
well-planned and strategic, with established goals and well-defined objectives and activities that yield measurable outputs, outcomes and impacts
proactive, not simply waiting for something to happen and not simply reacting when something does
independent, yet community responsive as well as apolitical, yet transparent and accountable
long-term focused