Jockeying for position: What it means and why it matters to regional development policy when places compete

Abstract

The realization that places compete for investment has expanded in recent years to encompass competition among places for the attention of migrants, tourists and media glow as well as investment. The most competitive places have been multidimensional in their attractions and have made the transition to the knowledge-based economy. The latest priority is being placed on attracting mobile workers and mobile investment. Creative workers are the core of the knowledge economy and of its geographies such as ‘intelligent places’ and ‘learning regions’. Knowledge metrics, innovation indices and report cards are increasingly common, each seemingly developed to sort the list of places in a different order. Lists or league tables of ‘the best places’ for business, to live, retire and visit are key features of economies and societies whose factors of success are highly mobile. Competition in a geographical context and entrepreneurial responses are unlikely to go away, reinforced by an industry comprised of consultancies, the trade press, formal education and other means of learning. Consequently, policy-makers need to grasp the nature of place competition and the critical roles of knowledge and of networks in the strategies of the most competitive places. The standard of competition is complex, comprising innovation indices and cooperation within the network of world cities.