Wales
Assignment
Wales
Regional Development and Entrepreneurship - EB3S14 5472 words - 11 January 2013
Contents Introduction 4 I. Regional economic performance measurement and Wales’ performances over the last years 5 1. GDP per capita and GVA per capita 5 a) GDP per Capita 5 a) GVA per Capita 6 2. Unemployment rate and household wealth 8 a) General unemployment rate 8 b) Household wealth and gender disparities 11 c) Youth unemployment 12 3. Production and exports 13 a) Production and manufacturing 13 b) Exports 15 4. Innovation 16 a) R&D expenditures 16 b) Patents 17 c) Higher education and skills 18 5. Migration 19 6. Clusters 21 a) State of clusters in Wales 21 b) Creative clusters 21 General conclusion 23 II. The role and impact of Foreign Direct Investment (FDI) in general and its consequences in the Welsh economy 24 1. The role of FDI 24 2. The different forms of FDI 24 a) Definitions and classifications 24 b) Advantages and drawbacks 25 3. Why foreign companies invest abroad and why in a specific region rather than another? 26 a) Factors that decide firms to invest abroad 26 b) Decision to invest in one region rather than another 26 4. Consequences of FDI in the Welsh economy 28 a) Overview 28 b) The example of Tata Steel 31 III. The policy shift in Wales through a more endogenous approach, with particular relevance to the role of entrepreneurship 33 1. The endogenous approach according to Schumpeter and contemporary extensions 33 a) The role of the entrepreneur according to Schumpeter 33 b) The contemporary extensions: theories of endogenous growth. 33 2. Welsh support for entrepreneurs: an endogenous approach 34 3. The consequences brought by these measures 35 Conclusion 37 References 38
Introduction
The period going from the middle to the 18th century in the middle of the 19th century, had a revolutionary effect on the
Wales
Regional Development and Entrepreneurship - EB3S14 5472 words - 11 January 2013
Contents Introduction 4 I. Regional economic performance measurement and Wales’ performances over the last years 5 1. GDP per capita and GVA per capita 5 a) GDP per Capita 5 a) GVA per Capita 6 2. Unemployment rate and household wealth 8 a) General unemployment rate 8 b) Household wealth and gender disparities 11 c) Youth unemployment 12 3. Production and exports 13 a) Production and manufacturing 13 b) Exports 15 4. Innovation 16 a) R&D expenditures 16 b) Patents 17 c) Higher education and skills 18 5. Migration 19 6. Clusters 21 a) State of clusters in Wales 21 b) Creative clusters 21 General conclusion 23 II. The role and impact of Foreign Direct Investment (FDI) in general and its consequences in the Welsh economy 24 1. The role of FDI 24 2. The different forms of FDI 24 a) Definitions and classifications 24 b) Advantages and drawbacks 25 3. Why foreign companies invest abroad and why in a specific region rather than another? 26 a) Factors that decide firms to invest abroad 26 b) Decision to invest in one region rather than another 26 4. Consequences of FDI in the Welsh economy 28 a) Overview 28 b) The example of Tata Steel 31 III. The policy shift in Wales through a more endogenous approach, with particular relevance to the role of entrepreneurship 33 1. The endogenous approach according to Schumpeter and contemporary extensions 33 a) The role of the entrepreneur according to Schumpeter 33 b) The contemporary extensions: theories of endogenous growth. 33 2. Welsh support for entrepreneurs: an endogenous approach 34 3. The consequences brought by these measures 35 Conclusion 37 References 38
Introduction
The period going from the middle to the 18th century in the middle of the 19th century, had a revolutionary effect on the
References: Office for National Statistics - 2012 Annual Survey of Hours and Earnings http://www.ons.gov.uk/ons/dcp171778_286243.pdf Office for National Statistics - Business Enterprise Research and Development, 2011 http://www.ons.gov.uk/ons/dcp171778_287868.pdf Office for National Statistics - Characteristics of young unemployed people, 2012 http://www.ons.gov.uk/ons/dcp171776_256894.pdf Office for National Statistics – Graduates in the Labour Market - 2012 http://www.ons.gov.uk/ons/dcp171776_259049.pdf