The article reviews last thirty years of literature on local economic development in a critical way. On one hand Development can not be analyzed anymore either as the immediate outcome of an economic growth, or as succession of single way of production. On the other hand it is explained how specificities of local contexts are not cleared by globalization. Without universal schemes about local development are not available Local Institutions are in charge of assuming the multidimensionality of local development, following a selfreflection path.
Keywords: Glocal, diversity of socio-economic shapes, embeddedment, innovation, institutional mix