Local economy

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The term Local Economy surged in 1980s in United Kingdom to stand against the neoliberal policies which worsened the polarisation and social exclusion, by highlighting municipalities, neighbourhoods and communities instead of nation-states as active players of economic development.

The term Local economic development was then coined to refer to specific economic development models which focused on the reinforcement of economic activities within a certain geographical extension, making the best use of unused local resources including the workforce.