Transformative Economies: Emerging Practices for Aligning Growth and Inclusion

Economic development professionals are beginning to think differently about how they create stronger neighborhoods, cities, and regional economies. They are applying an asset- and market-based development framework, which entails “growing from the inside out.” By applying this framework to the dynamics of the 21st century economy, they are concentrating on the synergies between fostering complementary assets in metropolitan areas: human capital, business, innovation, and infrastructure. And they understand that a key new dynamic is the need to align economic growth and inclusion – that is, sustainable growth requires inclusion and vice versa. This paper offers a summary of the new thinking underway in the field and describes some of the emerging practices. For more on inclusive growth, see the New Growth Innovation Network (NGIN) website at www.newgrowth.org.