Time, Timing, Space and Place in Business Action
THE INTEREST IN REGIONAL DEVELOPMENT TODAY In his book, New Rules for the New Economy, Kelly wrote, ‘The New Economy operates in a “space” rather than a place, and over time more and more economic transactions will migrate to this new space’ (1998, pp. 94–5). He claimed, consequently, that people inhabit places, but, increasingly, the economy inhabits a space. This myth is very easy to deflate according to Florida (2003). He asserts that people will remain highly concentrated, but opposes Kelly in that ‘the economy itself continues to concentrate in specific places’ (Florida, 2003, p. 4): From the countless interviews, the focus groups I’ve observed, and the statistical research I’ve done, it is apparent that place and community are more critical factors than ever before. And it appears that place, rather than being an abstracted ‘space’ as Kelly suggests, is essential to economic life. The economy itself increasingly takes form around real concentrations of people in real places. According to Acs (2002, p. 170), two very significant transformations have occurred in our modern political economies in the last few decades of the twentieth century, due to challenges posed by the new socio-economy: a Balkanization of existing economies and a concurrent massive devolution in the governance system of both private and public organizations (see Chapter Five). There are many reasons for the Balkanization of existing economies as a response to globalization. First of all, advanced industrial nations have been forced to specialize in exporting products in which they have ‘technological’...
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