Transformation vs. transaction

Thomas S. Lyons ()

Chapter 3 in Rethinking Community Economic Development, 2025, pp 28-41 from Edward Elgar Publishing

Abstract: The role of transformation in community economic development is discussed in this chapter, with a clear distinction being made between transformation and transaction. It is argued that too much of what is currently done in community economic development is transactional, yielding little real change, whereas transformation is derived from the synergies created by systems and is better suited to creating and perpetuating deep, lasting change. Both ‘transformation’ and ‘transaction’ are defined, and using Pine and Gilmore's Hierarchy, transactions are discussed as being the highest form of economic offering. This thinking is then applied to community economic development challenges.

Keywords: Change; Design thinking; Economic offering; Mass customization; Transaction; Transformation (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035325481
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