This book chapter highlights six action principles to “do economic development differently”—principles that shifts from the risky “winner takes all” approach that is heavily reliant on a business-recruitment strategy to a “let’s all win” approach of building on a region’s existing, underutilized assets. It is an approach that believes we can work together to get ahead together. Read the related blog.
This chapter is part of a new rural development-centered publication from the St. Louis Fed and Federal Reserve Board of Governors, “Investing in Rural Prosperity,” which will be published in November 2021. The book details that rural development will lead to greater economic opportunity for everyone if it is tailored to the community, designed to be resilient to changing circumstances and inclusive about who is at the decision-making table, and is developed through a collaborative process.