Would a strategic approach towards Local Economic Development make small cities more resilient?
Small cities are often at a higher risk for the negative impacts of global trends that lead to economic downturns. At the same time, they are the places where a significant percentage of the population of the European Union live and work. So how can we address development problems and opportunities at the local level through contextualization of global consequences and locally available resources? How can we develop resilient local governments in an age when the world is faced with a global pandemic and some cities are facing economic crisis? According to the principles of Local Economic Development (LED), local development should be approached strategically and inclusively, and challenging decisions should be guided by sustainability goals.
This article is a follow-up to a Masterclass in Local economic development organised by the iPlace Project, a network of 10 small cities who examine opportunities for new local development and aim to find niches which will create potential for future economic growth.
