Partnerships as Models of Economic
Governance: A Regulationist
This chapter undertakes four principal tasks. First, it offers an introduction to the regulation approach (RA). The RA, a distinctive form of evolutionary and institutional economics, is a continually developing heuristic framework that is being widely discussed in the European social and political sciences. The RA places an emphasis on the role of institutions and networks in the governance of capitalism. In particular, it focuses more on the extra-economic dimensions to economic development, for example, the role of institutions and partnerships as coordination strategies or the role of urban entrepreneuralism in creating competitive advantages.
Second, the RA is used to provide an overview of the contemporary trends in local economic development discussed throughout this volume. To do this, the RA is extended through Jessop’s (1993,1994a, 1994b) idea of a Schumpeterian Workfare State (SWS). Under the SWS, economic development is associated with governance, in contrast to a Keynesian Welfare State (KWS) government. Governance is a way of conceptualizing the growth of unelected local agencies and public-private partnerships that are being established alongside traditional forms of management undertaken by local government. This chapter argues that the contemporary period is one of economic governance, as opposed to economic government.
Third, the emergence of neoliberal economic governance in the United Kingdom is discussed. Fourth, two contrasting forms of UK economic governance are evaluated: A centrally imposed “top-down” enterprise