Showing posts with the label public policy

Regional Economic Development after a Global Lightning Strike

Globalization has swept through areas like a lightning bolt striking down anything that no longer competes internationally. Despite its destructive powers, there are also opportunities for generating economies anew.   Research by Bailey, et. al. (2010) explores how the mechanical sector of Prato Italy and the automotive sectors of West Midlands United Kingdom in Europe were able to use “place leadership” to understand the economic, social, institutional, and cultural aspects of places for upgrading and renovating to create new international competitive products.  Places of production are locations where people’s skills and corresponding firms develop a hub of economic activity. According to Bellandi (2006), they have the following criteria: 1.) The presence of industry that is embedded in the social fabric of people who have similar shared experiences within that industry.  2.) An industrial cluster that defines the economics of a location. 3.) Local producers wh