Regenerating places
4A.1 evaluate the reasons why economies vary from place to place.
Many reasons - workforce, policies, regeneration efforts/
Natural Resources: Regions with abundant natural resources tend to have more
robust economies than those without. = reduced dependency on imports. Or land
suitable for agriculture.
· Corruption/ weak governance:
affects the investment levels on social services. More corrupt= lower tax revenues
and lower investment in infrastructure. Less potential FDI. (Nigeria- mismanagement
particularly in the oil industry= lack of foreign investment)
Attempts to regenerate
Glasgow once a site for industry , underwent deindustrialisation
Grew economy by investing in the arts, encouraging tourism, and rebranding as a
sustainable and environmentally friendly region
Chosen by uk to host cop26
Status of global green city
Tourism triggered a positive multiplier effect.
Also shows job sectors playing heavy significance in economic success
· Employment sectors:
Quaternary and tertiary sectors
Francisco bay - high rates of employment, inward migration of young working
population, low levels of deprivation.
Financial hub - headquarters of major tech companies - apple, adobe, ebay
Average household income 89k dollars in 2014
Banking and financial sectors
Not tied down to raw materials
However:
Other cities have not been successful in the changing away from primary and
secondary sectors
North east america - detroit - rust belt
Deindustrialised after peak in its economy
Used to be one of the largest heavy industry regions
Many left unemployed
Businesses shut down due to global shift -cheaper prices
Poorest families left in region, cannot afford to out migrate
Indication of decline - student enrollment declining by over 60%, many leaving high
school without graduating
Long term
Spiral of decline
Significant - decline of specialised sector led to its economic failure
· Government policies-
Francisco bay - lack of regulations in specific areas = inward migration
, = highly skilled workforce
Tax breaks and deregulation of bank and finance sector = more investment
= positive multiplier effect
Where businesses create more jobs, increases incomes, increases spending, boosts
economy
Gates communities - encourages elite migration to increase house prices
However, very high , may push people away who cannot afford
Makes area less accessible by much of local pop
Boots event further for those who can
However:
Can lead of economic failure
Rust belt detroit
Us gov had to highly subside current industries to try and increase economic growth
Leads to negative multiplier effect as less money can be spent on services
Crime rates and levels of deprivation increase
Unattractive to business, outward migration etc
4A.1 evaluate the reasons why economies vary from place to place.
Many reasons - workforce, policies, regeneration efforts/
Natural Resources: Regions with abundant natural resources tend to have more
robust economies than those without. = reduced dependency on imports. Or land
suitable for agriculture.
· Corruption/ weak governance:
affects the investment levels on social services. More corrupt= lower tax revenues
and lower investment in infrastructure. Less potential FDI. (Nigeria- mismanagement
particularly in the oil industry= lack of foreign investment)
Attempts to regenerate
Glasgow once a site for industry , underwent deindustrialisation
Grew economy by investing in the arts, encouraging tourism, and rebranding as a
sustainable and environmentally friendly region
Chosen by uk to host cop26
Status of global green city
Tourism triggered a positive multiplier effect.
Also shows job sectors playing heavy significance in economic success
· Employment sectors:
Quaternary and tertiary sectors
Francisco bay - high rates of employment, inward migration of young working
population, low levels of deprivation.
Financial hub - headquarters of major tech companies - apple, adobe, ebay
Average household income 89k dollars in 2014
Banking and financial sectors
Not tied down to raw materials
However:
Other cities have not been successful in the changing away from primary and
secondary sectors
North east america - detroit - rust belt
Deindustrialised after peak in its economy
Used to be one of the largest heavy industry regions
Many left unemployed
Businesses shut down due to global shift -cheaper prices
Poorest families left in region, cannot afford to out migrate
Indication of decline - student enrollment declining by over 60%, many leaving high
school without graduating
Long term
Spiral of decline
Significant - decline of specialised sector led to its economic failure
· Government policies-
Francisco bay - lack of regulations in specific areas = inward migration
, = highly skilled workforce
Tax breaks and deregulation of bank and finance sector = more investment
= positive multiplier effect
Where businesses create more jobs, increases incomes, increases spending, boosts
economy
Gates communities - encourages elite migration to increase house prices
However, very high , may push people away who cannot afford
Makes area less accessible by much of local pop
Boots event further for those who can
However:
Can lead of economic failure
Rust belt detroit
Us gov had to highly subside current industries to try and increase economic growth
Leads to negative multiplier effect as less money can be spent on services
Crime rates and levels of deprivation increase
Unattractive to business, outward migration etc
