The need for economic development is the key success factor for any community since through economic development; people are able to sustain themselves by making the basic needs of food and shelter affordable. This as discussed in the article Economic Development and Jobs is the key determinant on the living condition of the people both at the local, regional and even national levels. It is through the community economic development that a country’s economic empowerment is possible. Economic development means creating those economical boosting activities while at the same time ensuring that the activity does not affect the social and environmental condition of the community.
In an effort to create an economically stable society, it requires that there is an easy access of funds to boost the economic activities, a favorable and stable environment, supportive institutions both public and private sectors such as schools, government and non-governmental organizations, and functional markets where the final products are sold. The local economic activities should focus on plans of creating a sustainable environment which is the key success factor of the future economy (Feinstein & Campbell, 2003). This can be achieved through developing economic plans that aims at reducing disposable waste through creating a manufacturing process that ensures the waste materials are reused or disposed off properly.
Creation of strong entrepreneurial network in such a way that the locals have the potential to create jobs and at the same bring out a competitive advantage economically can be a step forward in an effort to reduce negative social factors associated with low economy. Such economic plans that have succeeded in ensuring a strong local economic development is that of Chicago under Mayor Rahm Emanuel (Chicago World Business, 2012) which encompasses the utilization of local resources to create businesses and at the same time foreseeing the economic and environmental benefits of the stakeholders.
The article “economic Development and jobs” is an ideal plan that can be implemented to attain an economically stable society. Recommendations that create a favorable environment to develop economically such as making taxation policies favorable for small manufacturing industries as well as ensuring that mortgage funds are affordable and easy to attain. As a way of empowering the locals, they should be motivated and given a chance to make decisions that concerns the economic empowerment of the society (Stephen, 2004). Getting support from government and non-governmental organizations through monetary and training/education support on the suitable ways that a community can convert waste into reusable products is also a beneficial act that can boost the local economy. For instance, GIZ, a German non-governmental organization has offered extensive support to local economic oriented businesses through provision of education and training and easy access to loans to the local partners in an effort to boost the local economic activities.
As a result of the constantly growing global economy, there is a likelihood of flooding in the labor market which leads to high unemployment rate. However, proper planning on the small business plans that utilizes local materials as well as reusing waste materials will not only create jobs for the locals but also create a competitive value of the community to the larger global market. Proper economic planning and empowerment ensures that the economy in the future will remain stable. Apart from training and efficient funding, technological advancement is a basic requirement that will add a competitive advantage to the local businesses and hence, the stakeholders (government, schools, private sectors and locals) should work together in an effort to improve the current technology for the benefit of the future economies.
Feinstein, S & Campbell, S. (2003). Readings in Planning Theory. Blackwell Publishers.
Stephen, W. (2004). Planning Sustainable and Livable Cities. New York. Rutledge.