Week 5: Class Reading Blog - Nick

SUMMARY OF READING (Blakely article):

                This article discusses the importance of Economic Development on the communities that must undergo change to facilitate growth of wealth amongst the various populations of the community. 

                The article defines Economic Development as wealth creation, which is not synonymous with Economic Growth, which is more along the lines of those with money continuing to grow their wealth and those without remaining stagnant.  A more specific definition from the text is that Economic Development is that the community or area affected is seen to have an increase in their standard of living due to the evolution of personal development that is to be created through the people’s ability to be come self sufficient.

                The three main points that are outlined in the article are that 1) The development is done to enhance and grow the standard of living.  2) This type of development is done in the hopes that it will reduce inequality from a stratified point of view.  Previously other theories and models have left those doing the work in lower classes and the firms and companies asking for the work to grow richer.  3) Lastly, the development of the area must be done in the hopes that the end result will be the community not relying on the chance that someone will come in and need them to do their work, but to remain self sufficient in that they have plenty to offer as a community.

                Keeping this definition in mind, it would clearly be seen that the theory is advocating for the communities to have their own strengths and resources that they can offer so as to remain independent and to better ensure that they are not relying on the graces of a parent company to swoop in and provide.  Previous models have not emphasized these same characteristics and have left the communities and individuals suffering.  From the text, there are theories such as the Economic base Theory that would look at the community focusing on tangible resources in the local and immediate area and using these resources until they have dried up to facilitate growth.  This leads to social and economic inequality and a depletion of what can be offered by the community.  Another theory is the Location Theory in that companies and firms come to an area that can fulfill its needs based on location, the wages that can be provided and ultimately looking at the bottom line as being profits and this can create unease and cause the workers in the community to become pawns in a larger game, with no autonomy of their own.

                Luckily for smaller communities, the new characteristics of Economic Development are putting the power back into the hands of the people and the communities to ensure a longitudinal worth that can grow wealth for the entire community and not just the firms and companies that might be reaching in and using the people for their own means.  Some of these new characteristics are Employment resources which is wherein the people of a community that could possibly be employees to a larger company are being trained and achieving a notable level of skill so as to be desirable to a myriad of companies and employment opportunities that might be coming to the area.  Previously the companies looking would look for unskilled workers that do not demand as high of a salary to exploit them and would look for those that might fit into what they want.  However, now, with skilled workers they do not have to wait for the right opportunity but would be an asset in any company that comes by the community or adjacent communities.  An additional new characteristic of the Economic Development Theory is the Community Resources as a whole.  This is adopting means to output products, goods, and/or services that would be a benefit to the community based on any number of companies that might seek their employment.  This is evolving and adapting to new situations as a community similar to the employees themselves adapting to fit any glove that might present itself. 

                Essentially, with this new theory in mind, it is showing that communities are no longer simply taking the chance that they might work for one particular company that comes knocking at their door, but training themselves and the community at large so as to showcase how well they would fit into any company or corporation that would settle there.  Moreover, they now have the ability to adapt to a new company that might come in if one were to leave.  Rather than become “one-trick ponies” the entirety of the community has the needed resources and tools to be self advocates in any situation and not have a lull if a company needed to leave.  If it were to be summed up, this theory would truly showcase the advantageous side of the community through any type of issues because it is self aware and knows that it needs to be at its peak to survive. 

                At this point, I would wonder if anyone can see the flaws in this type of theory.  It is clearly something that can be advantageous to the community and the people in the community, but every plan does come with inherent issues and setbacks.  Please offer suggestions to what might be a downside of this theory for discussion.