Small Town Economic Development: Growth or Survival?

Abstract

Economic development has become-a hotly debated topic and a much sought after goal in small towns across America. The literature, however, has yet to present a comprehensive source on the theory and practice of economic development, due in part to the diversity of small towns. Instead, the literature features a piecemeal collection of strategies, techniques, case studies, and most recently, methods for adapting to changing economic conditions. Industrial recruitment and reliance on outside funding are giving way to locally based finance and entrepreneurial activity. Fewer and larger farms and the popularity of regional shopping malls suggest that the traditional purpose of many small towns as a service and retail center is fading. The literature stresses a need to take advantage of unique local resources and leadership to compete successfully with other communities.