Functional Approaches to Reginal Economic Development
Functional development of a region's economy is usually large-scale project activity designed to boost the functional capacity of an entire region. The Hydroelectric projects in Northern Manitoba were typical of this. They harnessed huge amounts of hydropower from the northern rivers in order to provide Manitoba as a provincial region with the functional benefit of ample cheap power. Not only was this power created for export sale to the other provinces and the United States, it was also created for local capacity building purposes.This pro-active set of projects was designed to prepare the region for being able to bit on other projects and generate other businesses directly within the whole region. Although these types of economic development initiatives are expensive, sometimes they pay off in terms of an increased benefit stream in the future. A region operating as a whole, can often amass the resources to put such initiatives in place.
navigation