CED in The World
Community Economic Development Can Transform World Economy
Cape Breton University
Written to: Professor Jason E. Prince
Written by: Sana Alzahrani
ID: 20130406
April 15, 2013
Introduction
Economic activity is a universal concept that is inherent in all societies around the world. It entails all activities and processes that are related to the production and consumption of goods and services. Further, economic activity serves as the basic function of all societies and creates the foundation upon which other societal functions are built. It is difficult, for instance, for an economically poor society to send men to the moon, or construct the pyramids or erect spectacular towers and cathedrals (Mott, 2004). This therefore means that meaningful societal development begins with the economic development of that society which then sets the stage for other developments. Again, it is important to note that economic development is dependent on the ability of the society to identify and make effective use of the factors of production, such as land, labour and capital, within their own environment in order to spur the economic development. These realities are well captured in the ideology of community economic development (CED) where the focus is on the movement of money through a community and the impact this movement has on the local population (Shragge & Michael, 2006). CED is also premised on the concession that it is only when individual local communities are economically empowered that the effect of the overall global economic development can be meaningful. As such, treating the communities as the building blocks of the world economy through the bottom-up development approach will certainly lead to a radical transformation of the world economy. This essay evaluates some of the ways in which CED can achieve this transformation objective in the world economy.
The world economy is currently driven by capitalism and free market ideologies (Dunning, 2003). While
Cape Breton University
Written to: Professor Jason E. Prince
Written by: Sana Alzahrani
ID: 20130406
April 15, 2013
Introduction
Economic activity is a universal concept that is inherent in all societies around the world. It entails all activities and processes that are related to the production and consumption of goods and services. Further, economic activity serves as the basic function of all societies and creates the foundation upon which other societal functions are built. It is difficult, for instance, for an economically poor society to send men to the moon, or construct the pyramids or erect spectacular towers and cathedrals (Mott, 2004). This therefore means that meaningful societal development begins with the economic development of that society which then sets the stage for other developments. Again, it is important to note that economic development is dependent on the ability of the society to identify and make effective use of the factors of production, such as land, labour and capital, within their own environment in order to spur the economic development. These realities are well captured in the ideology of community economic development (CED) where the focus is on the movement of money through a community and the impact this movement has on the local population (Shragge & Michael, 2006). CED is also premised on the concession that it is only when individual local communities are economically empowered that the effect of the overall global economic development can be meaningful. As such, treating the communities as the building blocks of the world economy through the bottom-up development approach will certainly lead to a radical transformation of the world economy. This essay evaluates some of the ways in which CED can achieve this transformation objective in the world economy.
The world economy is currently driven by capitalism and free market ideologies (Dunning, 2003). While
References: Gilpin R. (2000). The challenge of global capitalism: The world economy in the 21st century. Princeton University Press Hall M Houghton G. (1999). Community economic development. United States of America: Stationery Office Press Mott W Shragge, E. & Michael T. Eds. (2006). Community economic development: Building for social change. Sydney: Cape Breton University Press.