Economic Development: Changing Practices in a Changing US Economy

Abstract

In this paper, economic development is viewed in the context of a rapidly changing US economy. It is argued that economic development is no longer a policy or functional reserve of the national government, nor even an activity exclusively public. All sectors and governmental levels are currently engaged in its practice. Economic development, in effect, has become everyone's business although obvious inadequacies exist in defining what it is, let alone results. The paper provides an historical overview of national involvement in economic development and covers the recent debates over the federal government's appropriate role in fostering development. The remainder of the article traces the evolving and dynamic functioning of US States in the development arena, and the strategies and actions they are taking for strengthening their individual economic foundations. Yet, it is concluded that promising and creative as these ventures may be, it is unclear how much of a measurable impact they have had set against broader economic forces and trends. What is more clear, however, is that US States have emerged at the center of public, private, and intergovernmental activities aimed at responding to changes in the US economy.