Sunday, January 11, 2004
Here's a dose of evolving economic development theory.
We've entered a new era in our economic history. We are evolving toward a new form of capitalism. We are moving from industrial capitalism to network capitalism.
Hierarchies are giving way to networks. Value comes not in the control of resources. Value comes in the management of relationships. Value chains are giving way to value networks.
In this new environment, business leadership models for economic development are also changing. In practical terms, it is no longer possible for business groups to dictate regional agendas. They must consult more broadly with a range of other interests.
As we move to more network-based approaches to economic development, diversity and inclusion become critically important. Open networks can move faster and manage risks better than closed systems.
Valdis Krebs, an expert in social networks, has passed along this article that makes the point. Read more.
(REI@Weatherhead is working with Valdis to apply his social networking software to economic development strategy. Learn more about Valdis and his Inflow software. If you are interested in working with us on this project e-mail me.)
posted by Ed Morrison |
links
Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
If you are using a news reader, here is the link to syndicate this site:
Here's the link if you are a bloglines subscriber:
Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
Download some background information on me here.
Why diversity and inclusion matter
