Based upon a brief and selective survey of the literature on local economic development (led), this paper analyses four theoretical aspects that distinguish “local” economic development theories from their “national” counterparts. These are: location factors, local public goods, active participation by a variety of private agents, and the multidisciplinary approach of led theories. This analysis could be used to design an academic discipline of led, which seldom exists in developing countries, and shed light on the objectives and roles of agents involved in ongoing decentralization and led processes in those countries.