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Local Economic Development in Transition Economies: A Tool for Sustainable Development of Rural Areas

Local Economic Development in Transition Economies: A Tool for Sustainable Development of Rural Areas
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Author(s): József Káposzta (Szent István University, Hungary), Krisztián Ritter (Szent István University, Hungary) and Henrietta Nagy (Szent István University, Hungary)
Copyright: 2020
Pages: 18
Source title: Foreign Direct Investments: Concepts, Methodologies, Tools, and Applications
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-7998-2448-0.ch022

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Abstract

There are significant inequalities in development both within and over the borders of countries, in addition, urban and rural areas show significant differences in the level of development. The reason for the occurrence of spatial discrepancies is that the economic and social processes are always restructured in space and time and such processes are even accelerated by the globalization. In order to get precise and realistic picture about territorial processes, it is worth to learn the spatial processes that have already happened as well as their impacts on the spatial structure, since these may enable the regions to break out from the disadvantaged situation. In such a multivariable system, the development strategies need to be built on the endogenous potentials and own strengths of the regions. The aim of this chapter is to highlight the importance of local values and local conditions in the sustainable rural development, thus emphasizing the importance of localization in long-term progress. The chapter puts emphasis on the characteristics and features of transition countries.

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