The Global Competitiveness of Regions by Huggins Robert. Thompson Piers. Prokop Daniel. Izushi Hiro

Author:Huggins, Robert.,Thompson, Piers.,Prokop, Daniel.,Izushi, Hiro.
Language: eng
Format: epub
ISBN: 978-1-135-12905-7
Publisher: Taylor & Francis (CAM)

Notes: Transition eff. to inn. = Transition efficiency to innovation driven.

WEF = World Economic Forum.

Geographically, the least competitive regions are mostly a mixture of Eastern Europe and Mediterranean economies. Studies as far back as Weber (1930) suggest that a cultural element may play a role in the differing economic success experienced by Northern and Southern European nations, although the inability to often separate institutions and culture has made such sweeping conclusions problematic.

A number of the innovation-driven nations with less competitive regions are those that have been particularly strongly hit by the Eurozone sovereign debt crisis, such as Greece and Spain. However, as Figure 7.2 indicates, there is little evidence to suggest that the majority of European regions have seen a considerable loss of competitiveness due to the financial crisis relative to their counterparts. The main exception to this is Iceland, which had achieved a high level of competitiveness on the back of its rapidly expanding financial services sector, which grew disproportionately large relative to its economy as a whole (OECD, 2009; Ólafsson and Pétursson, 2010). The collapse of the Icelandic banking system has seen a large decrease in both absolute and relative regional competitiveness. However, the next largest decrease in competitiveness ranking is found in the East of England in the UK. This region, which has strengths in the biotechnology and ICT sectors based around the University of Cambridge (Cooke and Huggins, 2003), saw a decline in its ranking of 17 places, falling from 56th in 2008 to 73rd in 2014.

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