Economic Resilience

/Economic Resilience
Economic Resilience2019-01-21T10:58:59+00:00

ECONOMIC RESILIENCE

Reflections on the meaning of economic resilience and how urban areas can strengthen their resilience to economic shocks.

Economic shocks are ever present.  Whether this is the global financial crash of 2007/08; the closure of a local employer, or changing patterns of employment and production the effects on our towns and cities can be substantial.  One of the most difficult questions to answer is why some places are more able to withstand economic shocks than others, or are able to recover more quickly.

In this section we draw on recent research to explore what can be learnt from those places that appear to have more resilient economies and to consider the factors that assist the resilience of places to economic shocks.

In doing so we open up important questions about what constitutes a resilient economy, how change happens over time and who benefits from this.  This highlights the important role played by the values that shape the actions of individuals, firms and policy bodies in seeking to secure their own economic resilience as well as contributing to collective outcomes.

Much of the focus of this section is on European economies and other high-income countries.  We hope the examples presented will be of interest in other contexts as well.

Five features for resilient economies

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The ability of local and regional economies to withstand and recover from economic shocks came under intense scrutiny during the financial crisis of 2008/2009.  One study, led by Cardiff University, compared levels of regional economic resilience across the whole [...]