Low-Income Community Economic Development Values and Conflicts of Interest

A Brief History of Community Economic Development
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Community Economic Development (CED) is diverse and undefined. It includes several economic activities and efforts to improve low-income neighborhoods. These activities include affordable housing, small business development, job creation, healthcare access, homelessness, and substance abuse. CED goes beyond economic development to build communities and improve quality of life. It focuses on local participation in program design and implementation to rebuild dysfunctional markets, social interactions, and political strength. This article review essay examines low-income community economic development values and conflicts of interest.
Summary of Article
Clay and Jones (2009) provide a fascinating history of CED, focusing on the early 1900s. They date CED to the Booker T. Washington and W.E.B. DuBois era, when they discussed how to give newly emancipated African Americans economic and political control. Hard effort, industry, thrift, and property ownership were essential to black economic self-sufficiency. Although known for civil rights and social equality, DuBois supported black economic progress. Another CED turning point was the 1950s–1970s Civil Rights era. Economics became part of activists' campaigns for political and economic equality. CED was founded on federal social policies like the Economic Opportunity Act and the Community Action Program, which promoted community participation in antipoverty efforts. In the 1970s, community development intermediaries emerged, and the Low-Income Housing Tax Credit and Community Reinvestment Act prioritized housing. CED became market-oriented in the 1980s, harmonizing with neoliberal policies. This market-focused approach employed private investment in low-income communities to boost local economies and alleviate poverty. The modern CED movement uses market-based principles to restructure market incentives and encourage private investment in community-based companies, affordable housing, and financial institutions. Local entrepreneurs and real estate projects benefit from community organizations and development corporations' technical help. This market-oriented approach emphasizes localism and believes bottom-up social change must occur in geographic areas with community participation.
Article critique
The article by Clay and Jones (2009) covers the history of CED in the US. Although the authors offer significant insights into the history and phases of CED, their analysis can be critiqued, particularly regarding the article's focus, its limited exploration of potential conflicts of interest, and the need for a more critical examination of CED's effectiveness. The article begins with CED's history, which gives a solid framework for understanding its evolution. It does not critically examine CED's current conce...