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THE LOCAL ECONOMY
Over the past few years, substantial changes have occurred in the local economy. Globalization, which diminishes the impact of businesses at the local level, the growing access to purchasing platforms on the web, the development of shopping malls outside of municipalities and the implementation of large, aggressive retail outlets, are forcing local businesses to rethink their approaches.
Moreover, the local economy serves as a place for exchange and joint action, with a network that allows entrepreneurs to share values and get together to take action together. If we are not aware of the need to strengthen the links between inhabitants and local entrepreneurs, we run the risk of rapidly losing these places of friendliness that allow a social life based on exchange.
It is thus essential to set up new initiatives on the scale of local territories and to boost the local economy, because the network enables entrepreneurs to set up locally and thus to promote local trade, avoid relocation and create jobs.
Furthermore, focusing its activity on the local level reduces the ecological impact because local businesses favor short circuits. By reducing the transportation of products, the impact on climate change is reduced to a minimum.
The cities themselves are starting to understand that, to remain viable, they must implement the principles of sustainable and local development. They realize that they are going to have to organize themselves differently to keep their city centers attractive and stop the exodus with massive population transfers. Municipalities are becoming a major player in their economic development from being passive economic actors.
Local economic development is thus becoming a real top priority for the economy, regardless of the country.