The ‘competition’ and globalization both present descriptions of the interaction between government and economy whereby the government is seen to extract to a much diminished role

The ‘competition’ and globalization both present descriptions of the interaction between government and economy whereby the government is seen to extract to a much diminished role. The Fordist or corporatist idea of the government as working a managerial role with regard to the national economy, comprising a fairly high degree of direct capitalist ownership and production is long accepted to have passed. The post-Fordist government that has reinstated it was a product partly of conscious policy, most perceptibly by ‘privatization’, and partly as a consequence of wider structural changes in the world economy. The enduring process of privatization all through the world was itself a response both to the emerging fiscal crisis of the government throughout the mid seventies and the reconfiguration of the world economy following the collapse of Bretton Woods.

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The internationalization of production during these years, which numerously regard as the first phase of globalization, saw the first substantial de-linking of systems of finance and manufacturing from traditional locations, mainly the industrial regions of Europe and North America.

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The consequences of these changes have basically been analyzed in relation to emerging space economies at the global and local levels. A generally cited feature of the extremely mobile capital of the emerging global economy is its capability to circumvent the national level together. Even as the most marked expressions of this are found in those parts of the government selected (by the government itself) as ‘offshore’, this is also true of the rest of the national economy. A substantial literature has developed to explore the scopes of the relations between global capital and local places, which tends to assume that the institutions of the national economy are completely circumvented. In the new ‘economy of flows’ or the ‘economies of signs and space’ what matters is the ‘global’. National economic policies have become geared toward helping internal competition between diverse industrial regions for investment. Competition is provoked by a combination of spatial and fiscal policies such as regional development agencies, ‘pre-competitive’ infra structural improvements, tax holidays and all way of financial ‘sweeteners’. As a result, trans-national capital is seen to discuss directly with regional authorities—over the terms and conditions of their investment, including labour conditions, levels of service condition and infrastructure as much if not more than they do with national government. It is as though local and regional economies have ceased to be entrenched in a national economic space, but now compete directly with other related places in other governments in a global space.

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