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Regional income disparities, monopoly and finance

Maryann Feldman, Frederick Guy () and Simona Iammarino

Cambridge Journal of Regions, Economy and Society, 2021, vol. 14, issue 1, 25-49

Abstract: The overall rise in inequality in the USA since 1980 has been matched by a rise in inequality between places; local and regional development policies aimed at reversing this polarisation have seen limited success. We propose an explanation for the spatial polarisation of prosperity and the failure of the policies to remedy it. Our explanation is based on the interaction of monopoly power, agglomeration economies in technology clusters and the power of financial sector actors over non-financial firms—all phenomena characteristic of the post-1980 economy. We review evidence for each of these elements and propose some causal relationships between them, as an outline of an ongoing research programme.

Keywords: regional income distribution; monopoly; technology clusters; platforms; financialization; spatial inequality (search for similar items in EconPapers)
Date: 2021
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Cambridge Journal of Regions, Economy and Society is currently edited by Susan Christopherson, Betsy Donald, Harry Garretsen, Meric Gertler, Amy Glasmeier, Mia Gray, Michael Kitson, Linda Lobao, Ron Martin, Linda McDowell, Jonathan Michie and Peter Tyler

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