Sustainable development requires a new balance between collective and private goods. The quality of the arbitrations to be carried out is not only a political issue, but also an economic stake, since it contributes to optimizing the social use of scarcest resources. Local governance, which associates public player, private sector and civil society stakeholders, contributes to this decision making optimum by reducing costs of transaction and costs of constraint in the collective choices. For that purpose, it has to implement efficient social transactions between the local players in presence, in a perspective of strategic territorial management: the logic of the sustainable development is fundamentally transactional.