Unlocking public procurement as a tool for place-based industrial strategy

Christopher James Day and Rico Merkert

Regional Studies, 2023, vol. 57, issue 6, 1029-1042

Abstract: Recent market volatilities and disruptions have highlighted the perils of industrial atrophy and spatial inequality within advanced economies. Despite growing interest in lifting regional economic performance, entrenched neo-classical frameworks limit the extent of effective government intervention. This paper aims to ameliorate the tension between the free market focus on least-cost procurement and broader requirements for regeneration. Based on our literature review, we propose a novel framework recommending public procurement processes monetarize the significant and overlooked value of domestic investment within advanced manufacturing clusters. The financial benefits of such a strategic place-based approach are likely to be greatest in lagging regions.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:taf:regstd:v:57:y:2023:i:6:p:1029-1042

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DOI: 10.1080/00343404.2021.1956682

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