Third-wave was first identified in the early 1990s, and is marked by a declining emphasis on industrial attraction and retention and an increasing focus on strategies such as public-private partnerships, establishing regional networks, developing industrial clusters, and increasing human capital. Third-wave economic development focuses on “broadening of the foundation for effective economic development.” It also stresses the importance of nurturing and advancing local and sectoral resources resulting in more complex economic development planning. States increasingly see themselves as key players in an evolving international economic competition – one that requires third-wave efforts to shift to an industry-wide perspective, and in many instances improves the socio-economic standing of its citizens through equity planning during the strategic economic development process. Fourth-wave economic development This wave is also called sustainable economic development, and includes strategies that enhance environmental quality and self-sufficiency. In this context, sustainability refers to the process economic developers employ to determine a balanced approach to development that take into consideration "a full range of economic, environmental, and social characteristics that together comprise 'community,'" or development that conciliates historically conflicting stakes: promotion of the economy, equitable distribution of economic growth, and the preservation of the natural environment. Sustainable Local Economic Development (SLED) This wave has also been referred to as sustainable local economic development (SLED) because of the emphasis on local community. Although there are various definitions of sustainability or SLED, most definitions share the following principles: quality of life (the connection between environment, economy, and social justice) fairness and equity participation and partnership environmental stewardship concerns for our future and the precautionary principle An example of this approach applied to workforce training is the U.S. program Pathways out of Poverty. Fifth-wave economic development The fifth-wave of economic development began in the 1990s with a two-fold interest in providing market solutions and regional strategies for development. The idea of a comparative advantage has been integral to the development of the fifth-wave. This wave has been marked by economic developers who work to emphasize unmet demand, function as a go-between with government to identify financing, and build partnerships for minority businesses between the public and private sector. The fifth-wave has led to concerns about displacement of impoverished populations due to gentrification. References Economic development Development economics