Local growth evolutions

Recession, resilience and recovery

Dados Bibliográficos

ID12913610
AutoresR Martins (0000-0003-3657-501X, University of Cambridge), R Martin (0000-0003-1519-5966), Peter Sunley (0000-0003-4803-5299, University of Southampton, autor correspondente), Pamela Tyler (0000-0002-9299-5396, University of Cambridge)
Ano2015
Volume8
Fascículo2
Páginas141-148
Data de publicação2015-06-05
Peer ReviewedSim
Open AccessNão
TipoARTICLE
PeriódicoCambridge Journal of Regions Economy and Society (JOURNAL)
Identificadores do periódicoISSN: 1752-1386 • E-ISSN: 1752-1378
EditoraOxford University Press (OUP) (PUBLISHER)
DOI10.1093/cjres/rsv012
OpenAlexW2225330299
IdiomaEN
Citações recebidas33
Referências citadas28

Change is one of capitalism's constants. It never stands still, but is in a state of constant churning, as old firms, products and technologies decline or disappear, and new firms, products and technologies emerge. It is this constant process of mutation and flux, what Schumpeter famously called 'creative destruction' , the 'perennial gale' of structural and technological change, that drives the evolution of the economy, "incessantly destroying the old one, incessantly creating a new one" (Schumpeter, 1942, 83). But this process is unlikely to be spatially neutral: the new does not necessarily emerge in the same places where the old is destroyed. Nor need it be synchronised in time: though over the medium to long run, creative aspects outweigh the destructive (otherwise, development would not occur), there may be episodes when destructive effects outweigh creative effects, especially in particular places. Furthermore, change under capitalism may be ongoing and incessant, but it is not simply incremental. The growth and development paths of an economy are punctuated and disrupted periodically by major shocks

Economic geography · Economics · Great recession · Keynesian economics · Recession · Resilience (materials science · Environmental Science · Materials Science · Migration, Aging, and Tourism Studies · Regional Economics and Spatial Analysis · Regional resilience and development