Economic Geography mid-term assignment
1. Is entrepreneurship an important driver for your region? Could it be? Argue why or why not.
Merseyside, more precisely the city of Liverpool, was part of the most flourishing industrial area in the UK after the industrial revolution, with the port of Liverpool being the one of the largest in the country, supplying Manchester’s ‘Cottonopolis’ with cotton from all over the world.i However, this almost 200 years of prosperity turned into sharp decline in the 1970s (as it happened in most historically industrial regions), and by the 1980s the unemployment rate in Merseyside topped the list in the UK. ii
Since then, Merseyside has been concentrating on regeneration, and has more or less succeeded in the manner. The economy of Merseyside is clearly dominated by service sector companies. In 2015 banking, public administration, health, education and financial sectors held around 65% of the employment. iii The GDP per capita rates, however have not reached the UK average yet. iv The region has good accessibility (port, John Lennon Airport, M50-60 motorways), a healthy amount of unemployment and people with a will to start entrepreneurships, and therefore is well subsidized in the area. Nothing shows this more than the fact that the number of female starting their own businesses have reached an all-time high number.v So my answer is yes, entrepreneurship is a possible solution to get Merseyside back to its old glory.
2. How about technological innovation? Why/why not could this be an important driver?
The technological innovations of the industrial revolution are the key factors of why Liverpool emerged to the 6th most populous city in the United Kingdom from a small trading town in 250 years. However as I mentioned above, the region’s economy is now largely dominated by the service sector, which is less influenced by technological innovation.
3. Is accessibility an important driver for your region? Alternatively, is...