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The Rise and Fall of Urban EconomiesLessons from San Francisco and Los Angeles$
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Michael Storper, Thomas Kemeny, Naji Makarem, and Taner Osman

Print publication date: 2015

Print ISBN-13: 9780804789400

Published to Stanford Scholarship Online: May 2016

DOI: 10.11126/stanford/9780804789400.001.0001

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Shaping Economic Development

Shaping Economic Development

Policies and Strategies

(p.209) 10 Shaping Economic Development
The Rise and Fall of Urban Economies

Michael Storper

Thomas Kemeny

Naji Philip Makarem

Taner Osman

Stanford University Press

High-wage specialization comes from a complex sequence involving entrepreneurship, encouragement by local robust actors or leaders, breakthrough innovations, new organizational practices, the emergence of supportive overall relational infrastructure and networks, the proliferation of new specialized brokers and dealmakers, the diffusion of conventions or rules of thumb for doing business in new ways, and ultimately the consolidation of major firms. What is common to all processes of successful respecialization of a region’s economy is the emergence of the right kinds of networks, organizational practices, worldviews, and beliefs for the region’s evolving economic specializations. It is crucial to align understandings and change expectations so as to change policy agendas and to open up new forms of private action. When regional conversations are outdated, the process of organizational adjustment is stymied, as it has been in Los Angeles for 40 years. Old conversations must not crowd out new ones.

Keywords:   economic conventions, leadership and policy, policy agendas, regional zeitgeist, local economic development policy, institutions and economic development, place-based policy, people-based policy

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