Media Articles Assessment (Management Essay)

Media Articles Assessment
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Media Articles Assessment
Community Economic Development (CED)
Khmer Times reported a story about New Economics Foundation (NEF) research that proved that buying from local farmers and markets supported the local communities by keeping the money inside the community and keeping it financially viable amid pandemics. The study was based in Cambodia, where the local economy was under pressure during the COVID-19. Local spending was found to positively impact local job creation and economic recovery (Starkey, 2021).
The Neechi principles emphasize local production and consumption of goods and services, which keeps the local economy alive. Consuming the locally produced goods, keep the money with the community. On the other hand, if local producers benefit from their work, they will keep re-investing their business profits, creating jobs within the community. The entire system will act as self-sufficient. The government can also play a pivotal role in community development through efficient fiscal management (De Mendonça & Peçanha, 2020). Government has the capability of centralizing the operations for better management of resources. Local institutes can also exert the same level of influence.
CED can also lead to skill development and talent retention in local communities. One of the apparent reasons for CED's superiority is the knowledge and understanding of local communities, leading to better socio-economic opportunities for the less privileged groups in the community. As per the media story, the effects were pronounced during the pandemic, where local businesses built resilience because of community support. During COVID -19, many governments took effective action in collaboration with other governments and local institutions to lessen the economic burden on businesses. Local businesses in most regions suffered because of a decline in consumer spending (Wilson et al., 2020). This increases its reliance on government subsidies and grants.
The story further illustrates that during the pandemic, the supply chain disruptions created many hurdles and some local businesses were under pressure of diversification to survive. They had to adapt to changing circumstances, and local trade helps their survival (Starkey, 2021). The economic divergence concept suggests that when there is a gap between local production and consumption, it can affect external factors. Nevertheless, Cambodia's example represents that local business can adapt and diversify with local trade even in the middle of an economic recession, as witnessed during a pandemic. In many economies, the local businesses, especially food-related supply chains, become shorter and more localized during pandemics (Thilmany et al., 2020). The adoption was made to sustain the local business and trade.
Community Development
A Story reported by World Bank illustrates the work done by Citizen's Charter Afghanistan Project. 13 million people have been benefitted in Afghanistan through 13,000 Community development councils (CDC) in rural and urban areas. Women, the elderly, and children have been involved in educati...