RESEARCH PAPER Harvard Case Solution & Analysis

Introduction

Community Economic Development (CED) is basically a field of study that has been actively discussing the community involvement while working with the government, with the private sector to actually build stronger communities, markets and the industries.

The concept of Community Economic Development (CED) is not a rather comprehensive approach towards the aspect of changing the community, which is also not limited and restricted to the programs that prevent poverty, nor is it all about the synonymous with the concept of the industrial recruitment.

Community Economic Development (CED) is also not an attempt to actually the different resources to yield the maximum economic return. The concept of Community Economic Development (CED) has been encouraging the use of local resources in a manner where it can also enhance the economic opportunities while also helping in the improvement of the social conditions particularly in a much stabilized manner.

It is a fact that the Community Economic Development initiatives are mostly implemented once the community faces crisis and the increasing opportunitiesthat are at a problematic situation.

Community Economic Development (CED) is also a community centered process that blends with the social, the economic development that help in the fostering of the social, economic, cultural and the ecological well-being of the people living in a community.

For instance, the different neighborhood business firms have been targeting growth in certain commercial areas by lobbying the government authorities for the special tax rates and also the real estate development.

Along with this, the development strategies that have been facing common issues such as the financial issues between the industry and the local locations. Furthermore, Community Economic Development (CED) is also an alternative to the conventional economic development.

The major factor or the key component of this concept is that is it overcomes the issues within the society such as the poverty, the unemployment, the job loss, loss over the community, environmental degradation, etc.

Community Economic Development (CED) also involves the process of building the Social Enterprises that have become a part of the social economy. It is also sometimes considered as the third sector; a community based social enterprise has also been a partnership between the government agencies, small to medium enterprises, the transnational corporations, the large multinationals and also the NGO sector, which aims at the economic, social and environmental outcomes of a society.

Community Economic Development (CED) is also an action that is taken by a certain group of people in a community or within a group to create the local economic opportunities and also to improve the quality of life.

 Community Economic Development (CED) recognizes the local opportunities and the challenges that are varied as the individual communities themselves.

Along with this, by using the different resources and the knowledge, which are resident in the community, Community Economic Development (CED) capitalizes and identifies the local opportunities to stimulate the economic growth with a certain existing sector, which helps in strengthening the capacity and also improving the local infrastructure to help in achieving the full economic potential.

Example of enterprise

           The Community Economic Development enterprise that has been used in the paper is Newark Community Economic Development Corporation (Newark CEDC) has been a primary economic development catalyst, which has been a part of the State of New Jersey largest city, Newark.

           The enterprise is organized to actually attract, retain and grow different businesses, while also enhancing the small and minority business capacity and also spur the real estate development company throughout the city. The major client for Newark CEDC is the city of Newark.

           The enterprise has collaborated with the Newark Department of Economic & Housing Development in order to initiate and also to execute the economic development activities to rather sustain and also to produce the different options of economic growth, create wealth for the people of Newark and tocreate employmentopportunities.

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Enterprise Activities

            Newark Community Economic Development Corporation was founded in 2007. The enterprise has been formerly known as the Brick City Development Corporation (BCDC), which has been the primary economic development catalyst for the city of Newark. The enterprise has organized, retained, attracted and also grew the businesses while enhancing the minority and small business capacity................................

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