Economic Development in Rural Areas
The economic performance of rural regions in the U.S. and around the world is lagging, despite efforts by governments and local leaders to address the problem. It’s time to rethink our approaches to rural economic development, drawing on broader learning about the sources of competitiveness in the global economy.
More about Michael Porter’s competitiveness frameworks
Key Steps for Boosting Rural Economies
- Rural economic development should focus on the unique strengths of each area, rather than concentrating on ameliorating generic weaknesses
- The appropriate economic unit for strategy purposes must include not only rural areas but also adjacent urban centers
- Rural economic development should address and harness the efficient spatial distribution of economic activity rather than attempt to replicate urban economies
- A single national rural policy is unlikely to be meaningful and successful
- Each community should bear responsibility for its economic success, not the federal government
- Federal and state governments need to provide rural regions with the necessary tools and financing mechanisms to develop and execute an effective strategy