Are Industry Clusters and Diversity Strange Bedfellows?

In this address, I review industry clustering and diversification strategies to compare and contrast their underlying foundations. The lack of a consensus choice of one or the other for regional economic development strategies along with the recognition that in the dynamic process of development the...

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Bibliographic Details
Published inThe Review of regional studies Vol. 45; no. 2; p. 113
Main Author Jackson, Randall
Format Journal Article
LanguageEnglish
Published New Brunswick Southern Regional Science Association 01.01.2015
Subjects
Area planning & development
Clustering
Diversification
Economic activity
Economic development
Economic structure
Geography
Industry
Input output
Regional studies
Science
Specialization
Studies
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Summary:In this address, I review industry clustering and diversification strategies to compare and contrast their underlying foundations. The lack of a consensus choice of one or the other for regional economic development strategies along with the recognition that in the dynamic process of development these two processes are related leads me to conclude that clusters and diversity need not be such strange bedfellows after all, and that a rational approach to economic development can leverage the strengths of each and offset weaknesses. I follow this discussion by introducing a cluster assessment diversification strategy (CADS) apparatus that can be used to measure existing cluster strength, identify industrial strengths and deficit bottlenecks, and explore the regional consequences of potential cluster diversification strategies.
ISSN:0048-749X
1553-0892
DOI:10.52324/001c.8058