Local economic development: embrace the virtuous circle

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A brief by Elise Baudelet, junior expert in territorial marketing – CAAC

Some argue that economic development and social improvement cannot be managed together as their objectives are different. However, territorial marketing promotes an integrated strategy that aims to enhance jointly both aspects.

In the past, a role differentiation imposed that public institutions took care of social cohesion, upgrading local life quality, helping ddisadvantaged population to enter into the economic flows whereas private sector fostered investments and generated local wealth and jobs. However, social sustainability is critical for territorial competitiveness and long term economic growth. Before investing or implementing a business, specialized agencies or companies assess place attractiveness usually using these figures:
• Employment rate evolution (private sector)
• Unemployment rate
• Companies employment needs evolution
• Number of companies creation
• Patents published
• Population growth

Consequently, companies are not only interested in indicators from private sectors but also in innovation and knowledge, the evolution of local population and its structure. Firms may consider as well the education rate (local talents available), the legal rules or the institutional supports. Territories need to attract businesses to boost local economy and that depends on social opportunities.

Therefore, private and public sectors should collaborate for the creation of value in cities by upgrading human resources and social capital, increasing new technology access, valorising innovation and entrepreneurship. The Atlantic Arc Cities projects (for instance social innovation projects as ANATOLE or IMAGINAATLANTICA) have embraced this ambition, creating co-working opportunities to enhance the local economy as a mean for global territories improvement.

One thought on “Local economic development: embrace the virtuous circle

  1. Most often, it’s movie stars and sports superstars who have a very high social value. A short-cut to assuming the persona of someone with a high social value is to simply pretend that you’re James Bond, Angelina Jolie or the hottest football, baseball or basketball star at the moment. Silly as it may sound, doing this gets your brain into the right mode to make you aware of how you behave differently than normal. It can be useful for being more conscious of your behavior. However, you need to have a deeper understanding of social value to be able to implement it as a permanent part of your personality. High social value is most often attractive, but not always. In this text, I will explain why …
    If you would like to read more about high social value, you can access to my blog on: http://worldofinnovations.net/2014/06/28/4-secrets-of-people-with-high-social-value/

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