Economic Decentralization

Economic decentralization refers to the distribution of economic decision-making and resources away from a central authority, such as a national government, to local governments or communities. This approach aims to empower local entities to manage their own economic activities, promote regional development, and respond better to local needs. By allowing more localized control over resources and policy decisions, economic decentralization can enhance efficiency, encourage innovation, and foster greater participation from citizens in their economic governance, ultimately leading to more tailored solutions that reflect the unique challenges and opportunities of different areas.