A conceptual scientific approach to local economic development by way of portfolios of projectized household asset building activities — a case of depressed Russian Monotown

This paper presents a conceptual scientific approach, blending the elements of the project management theory, i.e. three selected schools of the Perspectives on Projects (Turner, Huemann, Anbari & Bredillet, 2010), pragmatic institutional economics, and reasoned action approach, to local economy development by way of projectized household asset building activities in the case of a depressed Russian monotown, based on the first author's doctoral research in Strategy, Project and Program Management. The pragmatic institutional economic approach ferments proactive stance and strategic vision toward the local residents' project activities to be supported by the local authorities, with the project management approach providing specific methodologies to implement these ideas into practice. The reasoned action approach, in turn, is addressed as the means to structure the elements of interactions which might be influenced by the specific measures of such a support. Theoretical perspectives drawn from the literature as well as the results of the in-depth interviews into the community leaders, main actors in this research, have provided justification of the portfolio of the household localized credit housing projects as one of the elements of local socio-economic development vehicles.