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The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distributional issues to the top of the policy agenda. The challenge for many governments is to address concerns over rising inequality while simultaneously promoting economic efficiency and more robust economic growth. The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality. It affects households ‘consumption directly (through taxes and transfers) and indirectly (via incentives for work and production and the provision of public goods and individual services such as education and health). An important message of the book is that growth and equity are not necessarily at odds; with the appropriate mix of policy instruments and careful policy design, countries can in many cases achieve better distributional outcomes and improve economic efficiency. Country studies (on the Netherlands, China, India, Republic of Congo, and Brazil) demonstrate the diversity of challenges across countries and their differing capacity to use fiscal policy for redistribution. The analysis presented in the book builds on and extends work done at the IMF, and also includes contributions from leading academics.
Presenting state-of-the-art theoretical positions on important development issues such as the inner city, technological innovation and rebuilding economic infrastructure are explored in this volume. The contributors to this volume, drawn from various social science backgrounds, explore a variety of theories and examine them in relation to the practical actions of local economic development.
This book offers insights into the process and the practice of local economic development. Bridging the gap between theory and practice it demonstrates the relevance of theory to inform local strategic planning in the context of widespread disparities in regional economic performance. The book summarizes the core theories of economic development, applies each of these to professional practice, and provides detailed commentary on them. This updated second edition includes more recent contributions - regional innovation, agglomeration and dynamic theories – and presents the major ideas that inform economic development strategic planning, particularly in the United States and Canada. The text offers theoretical insights that help explain why some regions thrive while others languish and why metropolitan economies often rise and fall over time. Without theory, economic developers can only do what is politically feasible. This text, however, provides them with a logical tool for thinking about development and establishing an independent basis from which to build the local consensus needed for evidence-based action undertaken in the public interest. Offering valuable perspectives on both the process and the practice of local and regional economic development, this book will be useful for both current and future economic developers to think more profoundly and confidently about their local economy.
Provides a comprehensive look at local economic development and public policy, placing special emphasis on quality of life and sustainability. It draws extensively on case studies, and includes both mainstream and alternative perspectives in dealing with economic growth and development issues. The contributions of economic theories and empirical research to the policy debates, and the relationship of both to quality of life and sustainability are explored and clarified.
First published in 1997. Part of the contemporary urban affairs series this volume looks at the local economic development policy of the United States and Canada. Laura Reese compares and analyzes local economic development efforts in Michigan and Ontario. She seeks to redress the paucity of literature comparing local economic development in the United States and Canada. Her goal is to examine and refine current theories of economic development policy-making to include the role of professional bureaucrats and to test an explanatory model which operates cross-nationally. Her study documents significant statutory differences of local economic development policies between the United States and Canada. At the same time, it shows that the similarities are greater than the differences. It is in the bureaucratic world where the differences really narrow.
The scholarly literature on economic development is replete with analysis of best practices, including how to lure businesses to one's community or develop businesses that are already present; what kinds of tax and regulatory regimes are favorable to economic development; and how different types of local taxation affect the way in which land is used for economic development. Additionally, a broad swathe of literature in urban studies views local economic development through the prism of globalization and deregulation, and how these broader trends in the national and world economy limit the variety of policies that can be implemented locally. This paper will shed light on a more structural question that places politics ahead of economics - how the political and institutional context within which local government operates affects the scale and choice of economic development policy. State governments provide that context in the US, and their policies, laws and constitutions determine the level and type of taxes and state aid that local places depend upon, whether or not municipalities receive need-based financial support from their state government, and even the extent to which policy-making power is devolved to municipalities. This dynamic significantly impacts the extent to which local places must actively intervene in the marketplace to ensure healthy expansion of their tax base. Accordingly, the paper tests two key outcomes of economic development policy - the level of economic development spending, and the extent to which communities are channeling this spending in the form of direct assistance to business or business-related infrastructure - according to several key state and local policies that may impact such policy and spending levels. These explanatory variables include the presence and level of redistributive, need-based state aid to local government; the presence and level of revenue sharing from the state; the presence or absence of municipal and/or county sales taxes; the form of local government and variations in the state regime of economic development funding. In particular, the paper tests the hypothesis that communities in states with redistributive approaches to revenue sharing spend far less on economic development assistance to private business than those in states with more decentralized and traditional forms of funding local government.
Originally published in 1984. This volume brings together papers concerned with the problems of regional development in both Eastern and Western Europe. These include regional, economic, and social inequalities; lagging and backward regions; and constricted flows of labour. This book provides identification, comparison, analysis and discussion of regional development problems in Eastern and Western Europe. It discusses the latest trends in regional policy, assesses their effectiveness and puts forward innovative thinking on the various issues and how they should be tackled in future.
A comprehensive introduction to the economics of local economic development. The approach is people centered and recognizes contributions from other social sciences.