In the article, theoretical aspects of territorial organization of power are considered, as well as examples of practical implementation of appropriate concepts and approaches. Actual and potential pitfalls are considered, based on specific examples, in particular, on the example of gentrification in the United States. The main provisions of the most advanced methodological approaches to strategic planning of social and economic aspects of territorial development, as a function of territorial power, are systematized

Highlights

• The article is devoted to the analysis of approaches to the vision, concept, and practices of social and economic activities of regional/counties/community authorities within the framework of territorial organization of power.
• The obtained results demonstrated the necessity of thorough balancing social and economic tasks facing territorial power, without significant deviations to one or another side, with the aim to avoid negative consequences in the long term.
• Practical recommendations can be applied by state and municipal authorities, heads of sectoral departments and ministries to develop legislative and regulatory legal acts regulating issues of socioeconomic development of regions and territories.