ABSTRACT
Economic development is a policy area that has drawn considerable amount of interest by both scholars and practitioners. The mantra of “compete or lose” has been at the forefront of local development policy for decades. Tax incentives and other financial instruments are commonly used to retain existing businesses and recruit new private investment. It is often argued, however, that for cities to more effectively improve their economic competitive advantage, planning and policy interventions should be based on cooperation with other jurisdictions. As the economic interdependencies among cities become more complex, the establishment of cooperative agreements in which communities share resources is increasingly important in developing local economies. A joint venture agreement represents one type of mechanism for interjurisdictional cooperation and a tool for regional governance. This entry provides an overview of joint ventures. It discusses the potential focus of a joint venture agreement and the ways in which it can contribute to coordinated policy action across a region.
