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Waves of Economic Development
Economic development research has currently identified five phases, or "waves" of economic development practice. The differences between these waves are shaped by historical factors, the economic climate during historical periods, and leaders' response to these forces, which over time have created five strategies that differ from their predecessors. The five waves have all been designed to accomplish the same goal: to help entrepreneurs and businesses discover and expand markets for their services. Often these waves operate concurrently (thus, overlapping), or within a single economic development plan.
==First-wave economic development==
First-wave economic development, or the Growth Promotion Approach, is characterized by a focus on industrial recruitment through financial incentives such as tax abatement and loans in order to lower costs associated with land, infrastructure, and labor.〔 This method of business attraction was first used in the United States in the 1930s〔 as a response to the Great Depression.〔 The economic development activities in this phase are sometimes called "smokestack-chasing."
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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