Chapter 2: A New Conceptual Framework for Regional Endogenous Development
2.1 A ‘VIRTUOUS CIRCLE’ FOR REGIONAL DEVELOPMENT The idea of ‘sustainable development’ – paying explicit attention in regional development to what is being called the ‘triple bottom line’ – may be conceptualized as a virtuous circle as set out in Figure 2.1. We suggest that that circle is maintained by effective leadership as it is used to change and adjust institutions in order to adopt the structure, processes and infrastructure of a regional economy to meet and anticipate changing circumstances, and to facilitate the optimal use of its resource endowments and to assist industries to tap their full market potential and achieve market fit. As outlined at the beginning of Chapter 1, our view is that strong leadership means a city or a region needs to be proactive in initiating regional economic development strategy to monitor regional performance. It needs to set a vision for the future development of the region, and implement plans and processes that will facilitate institutional change and encourage and facilitate entrepreneurship. This, in turn, will likely have the effect of enhancing the capacity and capability of the city or region to positively adjust to changing circumstances helping it to attain a good and/or improved fit with market conditions, and for it to more effectively harness its resource endowments in order for it to maintain and improve regional performance and for it to achieve a sustainable development path as a learning region, and for it to be one that is competitive and entrepreneurial. We are advocating this process;...
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