Economic Governance And Institutional Dynamics In USA Southern Region - Case Study Example

Economic Governance And Institutional Dynamics In USA Southern Region Introduction Economic governance entails processes that support economic activity and economic transactions by protecting property rights, enforcing contracts and taking collective actions to cater for appropriate physical and organisational infrastructure (Dixit 2008). These processes are carried within institutions, public and private, formal and informal and for-profit and not-for profit (Bell 2002). Economic governance compares the performance of various institutions under various conditions, the evolution of these institutions and the transactions from one set of institutions to another. Williamson (2005) expresses economic governance as the study of good order and workable arrangements. Industrial clusters refer to groups of inter-related organisations or firms in a region that work together for the reason that they have close links in terms of supply, expertise, markets and service provision (Fenton & Pettigrew 2000). Industrial clusters take effect when interdependent and/or competitive firms concentrate in a particular area because they do business together or have common need in resources and the region of concentration abundantly provides the much needed resources. Organisations adapt industrial clustering strategies because the local social structures, institutions, exchange networks, special infrastructure and resources support their endeavours. Good examples are tourism in Florida, technology in Boston and aerospace in California (Centre for Competitiveness and Prosperity 2008). Industrial clusters give competitive edge to an economy of the region in which the industries concentrate given the high level of trust and cooperation amongst the firms. This essay seeks to examine industrial clusters in the Southern region of the United States, specifically the technology cluster in the region and the inter-firm networks, industrial policy and globalisation. Economic structure of Southern United States The Southern United States is commonly referred to as the American South or the South. The region possesses distinctive and unique culture and heritage that includes Native Americans, early European settlements of Scottish, English, German and Scotch-Irish heritage, significant importation of thousands of enslaved Africans, growth of a large proportion of African Americans in the region, reliance on slave labour and a legacy of confederacy after the American Civil War (John & Clayton 2004). Due to these features, the Southeast region developed its own unique customs, literature, musical styles and a wide variety of cuisines that have intensively shaped traditional American culture. The Southern region of the United States comprises of sixteen states and these states are grouped into divisions (William 1936). The South Atlantic states include Florida, North Carolina, South Carolina, Delaware, Georgia, Virginia, West Virginia and Maryland. The East South Central states include Mississippi, Tennessee, Alabama and Kentucky. The West South Central states include Texas, Oklahoma, Arkansas and Louisiana. The South is the most distinctive region of the USA. John & Clayton (2004) state that, the 1861 to 1865 American Civil War greatly devastated the South both socially and economically and it took decades for the scars of the war to heal but the Southerners took this war as significant to their way of life particularly to the agricultural system (Woodward 1955). Presently, there is what is called the “New South” which has evolved from agricultural dependency to a manufacturing hub. Sky scrappers crowd the skylines of the South-eastern city of Atlanta. The South is the fastest growing region in the United States. It has become moiré industrialised and urban, therefore attracting very many national and international migrants. However, the South still has persistent poverty with the situation being prevalent in the rural areas. Every Southern state, except Florida and Virginia has a higher poverty rate than the American average (Mitchener et al 2003). Below are quick facts about the Southern region of the United States. The South is the most populous region of the United States with the Southeast sub-region alone having a population of approximately 61 million and most people live in the rural areas well known as farming towns. The soil in the Southern region is fertile and this facilitates the growth of peanuts, oranges and cotton. Cotton and Oranges are considered goods of the South. Country music production is also done in South in Nashville, Tennessee. Most people in the South work in the service sector jobs. Nashville is seen by many as the country music capital of the world. The South is mostly characterised with a very wet climate. It is hot in the summer and mild in the winter. In the state of Virginia there is town called Williamsburg where the government was located during the colonial period. It is in this town that the government of the United States was started. This town is usually said to be ‘frozen in time’ such that the climate there is like that of the 1770s. The town looks as it did 250 years ago. It is in the Southern states that most wars were fought during the American Civil War. The Southeast has various landforms. In Tennessee and West Virginia, there are mountains such as the Smokey Mountains which produce blue mist. Along the Atlantic Ocean and the Gulf of Mexico, there are coasts. There are highlands, plains and plateaus in the South. The Mississippi River flows for 2,340 miles through the Southern region starting at Minnesota to New Orleans, Louisiana on the Gulf of Mexico. After the Second World War, the South successfully attracted industry and business from other parts of the country as a direct consequence of the development of the Interstate Highway System, household air conditioning and the passage of civil rights bills (Kris & Ian 2003). Industrial establishments from the Rust Belt region of Northeast and the Great Lakes moved into the South because of low labour costs and less unionisation. During this era, levels of poverty and rates of unemployment significantly dropped as a result of the new job growth. Economic growth in the South increased in the 1960s and rapidly accelerated into the 1980s and 1990s (Mitchener et al 2003). Consequently, large urban areas with more than 4 million people rose in Texas, Florida and Georgia. There was rapid expansion of industries such as textiles, technology, telecommunication, autos, aviation and banking which gave the Southern states an industrial strength over other regions’ states (Kris & Ian 2003). This growth accelerated into the 1980s and 1990s. Rapid expansion of industries like textiles, banking, technology, aviation and telecommunications has given the region a competitive edge in industrial strength that has rivalled larger states elsewhere. As indicated earlier, industrial clustering comes as a result of geographical concentration of inter-related firms due to availability of supportive resources such as man power, raw materials, supply links, infrastructure among others. The Southern region has enjoyed substantial growth in technology due to availability of skilful and highly entrepreneurial man power, presence of research universities such as University of Virginia, University of Alabama and Wake Forest University and low living costs in the region (Centre for Competitiveness and Prosperity 2008). The region serves as capital to headquarters of many technology-related organisations most of which are based in Birmingham with good examples being Command Alkon, SunGard and Emageon. These companies have employed more than 100 employees (Centre for Competitiveness and Prosperity 2008). This state of industrial clustering has also been caused by the presence of companies in areas of construction for example Brasfield & Gorrie and BL Halbert International; lifestyle publishing for example Mental Floss, Coastal Living and Southern Accents; banking for example Bank of America and Wachovia in Charlotte and cable television networks such as CNN, TBS and Cartoon Network. Other dominant sectors in the economy of Southern United States are manufacturing, tourism, agriculture and military operations. It is important to note that industrial clusters can take place not only in cases availability of common needs to particular firms but also by way of one sector resulting to a cluster developing in that region (Fenton & Pettigrew 2000). Technology cluster has developed in the Southern region of the United States due to presence of other sectors such as construction, banking and entertainment. The major reason is that these sectors utilise variety of technologies such as anti-viruses, video conferencing and computer programs on a daily basis. These facilities are on a high demand in the Southern region of the United States due to presence of certain sectors and this is an opportunity by many technology-related firms to invest in the region to reap the benefits accrued to this (Heffner 2010). This coupled with availability of skilful and highly entrepreneurial man power; presence of research universities and low living costs has motivated development of technology cluster in the region. It is important to note that industrial clusters can take place not only in cases availability of common needs to particular firms but also by way of one sector resulting to a cluster developing in that region (Fenton & Pettigrew 2000). Technology cluster has developed in the Southern region of the United States due to presence of other sectors such as construction, banking and entertainment. The major reason is that these sectors utilise variety of technologies such as anti-viruses, video conferencing and computer programs on a daily basis. These facilities are on a high demand in the Southern region of the United States due to presence of certain sectors and this is an opportunity by many technology-related firms to invest in the region to reap the benefits accrued to this (Heffner 2010). This coupled with availability of skilful and highly entrepreneurial man power; presence of research universities and low living costs has motivated development of technology cluster in the region. The Southern region is the most populous region in the United States. This has made available work force that is very essential in any economy. In the past, there has been great immigration from other regions to the Southern region (Mitchener et al 2003). This gain in the population of the South is a major boost to the region. The government of the Unites States realises that technology is the key driver of the economy and therefore, a more educated and well informed man power is very important. In addition, the Southern region of the United States has an educated work force which is a key resource. This is a need that needs to be met and technology is the key to satisfying it. This has influenced many organisations to venture in the region so as to reap the benefits and the investment in this cluster have benefitted the locals by ways of investment in technology sub-sectors and employment and this has positively changed the region’s economy (Centre for Competitiveness and Prosperity 2008). The cost of doing business in the Southern region of the United States is relatively low as compared to other regions in the country. This is as a result of various factors. In fact, the cost of labour in the region is lowest in the country (Centre for Competitiveness and Prosperity 2008). The cost of the real estate sector is also relatively low putting into consideration the low cost of rental and land costs and also low construction because they are supplied in plenty (Heffner 2010). The cost of living is very low and this further compliments the favourable environment of doing business in the region. This makes the Southern region competitive as compared to other regions such as Midwest and the North where the cost of doing business is much higher. This has made many companies establish businesses in the region and the benefits to the region’s economy are very positive. The infrastructure in the Southern region is one of the best in the country and in the world. The interstate highway system has attracted many businesses in the technology cluster in the region (Wright 2007). This has come as a result of the good maintenance of the highway system which connects the major ports of Norfolk, Savannah, Charleston, Wilmington and Jacksonville to the Gulf Coast which facilitates movement of products and supplies by establishments in the technology cluster (Heffner 2010). In addition, there is a favourable telecommunication network in the region with ready market for the products available in Virginia, North Carolina, Georgia and Florida. This has come with big advantages for the region hence making the region the most competitive in the country. As a result of the substantial growth and development of technology cluster and its contribution to the Southern region of the United States, the region’s economy has dramatically changed in the last two generations (Wright 2007). The region has experienced a boom in its service sector, manufacturing base, financial sector and technology industries. In particular, there has been a surge in tourism in Florida and along the Gulf Coast. Wright 2007 states that the South has also experienced emergence of numerous new automobile plants like Mercedes Benz in Tuscaloosa, Alabama, Hyundai in Montgomery, Alabama, BMW production plant in Spartanburg, South Carolina and General Motors in Spring Hill, Tennessee. Corporate headquarters of the world’s major banking corporations have emerged in the South and they include Bank of America and Wachovia in Charlotte; Regions Financial Corporation, AmSouth Bancorporation and BBVA Compass in Birmingham; SunTrust Banks and the district headquarters of the Federal Reserve Bank of Atlanta in Winston-Salem (Mitchener et al 2003). The South is also enjoying presence of cable television networks such as CNN, TBS, Cartoon Network, Turner South, TNT and The Weather Channel (Wright 2007). The South boasts of some of the lowest unemployment rates in the United States due to the great economic expansion cited above. However, these gains have come with negative impact such as long travel times and serious air pollution in cities like Atlanta, Miami and Houston which heavily rely on sprawling development and highway networks (Heffner 2010). Significant poverty levels still persist in the region particularly in the more isolated and rural areas mostly Eastern Kentucky, the Black Belt, the Southern West Virginia areas of Appalachia, the Mexican border along Rio Grande in Texas and the Deltas of Mississippi and Arkansas. In particular to health, eight states in the Southern region of United States (Alabama, Arkansas, Mississippi, Kentucky, Tennessee, West Virginia, Oklahoma and Louisiana) have up to 30 per cent obesity rate which is the highest in the country (Mitchener et al 2003). Main challenges and issues in the Southern United States The Southern region of United States is currently facing economic challenges on a large scale (Wright 2007). The country no longer produces what it needs to sustain itself and imports more than it exports. The region is selling off its assets and taking massive debts to sustain standard living conditions (Heffner 2010). Foreign countries are using the finances earned via the region’s trade deficits to buy many strategic companies in the region. International competitors have adapted a game plan of rendering the region completely dependent on foreign production, innovation and finance. The loss of domestic self sufficiency, security and leverage of the region will suffer greatly. This has come as a result of many challenges that the region’s economy is facing and they have been discussed below. The education system in the American South is compulsory for the first 9 to 12 years of education in most states. However, many states allow students to voluntarily drop out without a diploma (Heffner 2010). And yet, the government of the United States recognises the importance of technology to development. The federal government funds public education but it is almost entirely funded and controlled by individual states, school districts and local governments. Much is not being done to teach and train technologic-related subjects in the region’s schools and it is only provided more in well to do communities than in poorer ones. There a correlation between money spent per child and quality of education on technology (Douglas 2007). Since the 1970s, many state governments have struggled with these issues in education equity. Despite laying strategies to supplement local funding of poor school districts, wealthier school districts have more total funding than the poor ones (Douglas 2007). Such inequalities exist even after adjusting for differences in geographic and student need related education costs. Heffner 2010 states that over the past 30 years, minimum wage has not kept up with inflation. As a result, the American South has the lowest savings rate in the developed world which is offset by the high credit use (Douglas 2007). Personal savings rate have sharply declined in recent times in the Southern region of the Unites States. Personal savings in the South were at 8 to 10 per cent from 1960 to 1990 (Heffner 2010). This proves to be a challenge to technology cluster in the region because with low savings, banks, manufacturing and other sectors face the risks and yet these are the key factors that have spurred the development of the technology cluster in the region. For the region’s technology cluster to enjoy long-term viability, this trend must be reversed to move upwards to a more realistic positive level so as to provide for retirement and capital for long-term investment. Since 1947, state governments have been deprived of resources as the federal government is taking on an increasing share of these resources (Heffner 2010). Federal spending on defence is currently running at 5 per cent of the Gross Domestic Product (GDP) whereas federal non-defence spending is as low as 7 per cent. Spending on social security and local technology is also very low (Wright 2007). If this continues, it could have a negative effect on the economy of the American South as the ability to consume goods and establish plants and equipment in the essential technology cluster for future economic growth and development will be compromised (Douglas 2007). There is an increase in concentration of wealth in the American South. The richest 1 per cent off the region own about 34 per cent of all corporate stock (Heffner 2010). This particular group receive up to 21 per cent of all pre-tax income yet they only account for about 8 per cent of the region’s income (Wright 2007). As a result, the regions poorest do not have access to credit to invest in the technology cluster as they are generating more income but they are not enjoying it. This inequality issue is raising eyebrows amongst government’s watchdogs because it is hurting the region’s economy (Douglas 2007). The middle class in the American South is under siege. The middle has determined political and economic outcomes of almost every modern nation since the French Revolution. This group is viewed by many as determinant to South America’s fate due to the key role that it plays in the technology cluster in the region since the cluster employees most of the people in this category (Wright 2007). From 1947 to 1970, the median family income sharply increased partly due to increases in productivity. In later years, incomes remained stagnant and as a matter of fact, the period between 200 and 2005 saw a drop of estimated 0.5 per cent in median family incomes (Heffner 2010). The median family is tangled in debts. As a matter of fact, firms in the technology cluster pay the least (Douglas 2007). Debts are easy to obtain through credit cards. In 1999, the average total liabilities as an average of total assets was about 19 per cent per median family in the Southern region of United States and in 2004, this increased to 29 per cent. At present, this is unacceptably high. If the values in the housing market or the stock market drop, the total liability percentages will jump dramatically. As a result, there will be a solid recession that would break havoc on these categories of assets and this creates a threat of worse scenarios of unemployment with the technology cluster being the worst hit. Factors affecting Local Economic Governance in the Southern region of USA One of the major factors affecting the local economic governance of the American South is the Washington Consensus. The Washington Consensus was a term that was coined by John Williamson in 1989 describing a set of ten economic prescriptions that were considered to constitute a standard reform package for crisis-wracked developing countries by the International Monetary Fund (IMF), The World Bank and The United States Treasury Department based at Washington (Williamson 1993). The Washington Consensus has come to be associated with neoliberal policies and has drawn broader debate over the expanding role of free markets, constraints upon state, the influence of the United States and globalisation. Many governments adopted various components of the Washington Consensus as a reaction to the macroeconomic crisis that hit most countries in the 1980s which include the drastic price of oil following the emergence of OPEC, mounting levels of national debt, the rise in the international and United States interest rates and loss of access to additional foreign credit (Heffner 2010). Many countries have undertaken significant unilateral trade liberalisation policies opening their economies to greater import competition while at the same time increasing their share in exports in their Gross Domestic Product. Douglas (2007) states that this is done through multilateral trade liberalisation at the global and/or region level in such agreements as North American Free Trade Agreement (NAFTA) and CAFTA-DR (Central American-Dominican Republic Free Trade Agreement). The Washington Consensus has been adopted in Southern region of United States of America following opening of the region’s borders to free trade and technological transfers. This has made the region the large importer (Wright 2007). Although the region supplies all of its own services in the technology cluster, it imports goods that can be made more efficiently on which it has comparative advantage such as telecommunication equipment, computer hardware and software. It has been argued that the region has lost its competitive edge to other regions and countries in the production of these products by becoming a more service-oriented economy in their production (Heffner 2010). However, it is important to note that the key driver of growth in demand is economic growth with the technology cluster playing a big role in promoting this growth. With a rise in income, there is an increase in the people’s purchasing power. As people purchase more products, companies earn more and pay more to their employees which further increases their incomes and eventual purchasing power and this is very healthy growth with minimal or no inflation which has been the situation in the United States for a long time (Wright 2007). Free trade has also affected the local economic governance in the Southern region of the United States in a number of other ways (Wright 2007). Free trade has increased sales and profits for the region’s technology-based businesses which has strengthened the region’s economy. This has come as a result of removal of costly and delaying trade barriers like tariffs and quotas which has inherently led to easier and swifter trade of consumer goods hence recording an increase to the region’s sales volume. Multinational corporations have invested heavily in technology in the region and this has served as an incentive to the regions technology cluster. Multinational corporations have been engaged in major technological transfers into the region which has positively impacted on the economy of the region. As a result, many Southerners have been employed in these investments with others investing in the outcomes of technological trasfers. In addition, as technology-based businesses in the region grow from increased sales and profits, there is an increase in demand for middle-class higher-wage jobs; especially in the technology cluster and this enhance the sales increases. In essence, Southerners enjoy the real benefits of a robustly growing economy since the technology cluster employ more people in the region as their sales overseas increase. However, as corporations in the technology cluster witness profits increase, individual wages remain stagnant (Douglas 2007). Byron (2006) states that economy, American workers, including Southerners have been profoundly affected in the last five years with over 3 million job losses which have been outsourced to other countries with million poised to leave sooner than later. As a result of trade liberalisation, Foreign Direct Investment (FDI) in the technology cluster has increased in the American South. In 2008, it was announced that there were approximately 1,000 jobs supported by up to about US$ 200 million in new FDI investment in the technology cluster (Centre for Competitiveness and Prosperity, 2008). Statistics continue to show an expansion in the region’s knowledge base led by Information Communication Technology (ICT) investments Cognex, Arris and Option Wireless (Heffner 2010). In addition, the Southern region is putting more emphasis and greater focus on the need for embedding its FDI in the technology cluster (Heffner 2010). The focus is to reduce costs and specifically develop technologically innovative capacity to facilitate value addition and sustain standards of quality and supply in all sectors of the region’s economy. The region has ensured its FDI base in other regions and countries with a focus in research and development by full utilisation of technology (Wright 2007). Non-hierarchical modes of production Modes of production refers to a specific combination of productive assets such as human labour power and the means of production such as tools, materials, technologies, buildings and improved land with social and technical relations of production such as property, power and control relations governing society’s productive assets, usually confined in law, cooperative work relations and forms of associations, relations between the people and the objects of their work and the relations between social classes (Fenton & Pettigrew 2000). Various modes of production have been witnessed in humankind’s history and they include primitive communism, Asiatic mode of production, and Antique mode of production, feudalism, communism and capitalism (Hindess & Hirst 1975). These modes of production are non-hierarchical and/or hierarchical in nature. In recent business history there has been the emergence of radical new strategies and structures associated with a much more hierarchic approach to markets. In the 19th Century, many firms in the American South exploited the benefits of operating out of inter-connected industries working closely with intermediaries, suppliers and sub contractors (Cooke & Morgan 1998). This was in line with industrial clustering with the technology cluster taking a major share in the Southern region of the United States due to the availability of work force, low cost of living, favourable infrastructure and presence of other resourceful industries such as tourism, banking and construction. However, the advantages of these arrangements melted away following the rapid decline of many districts during this period which led to the collapse of the strategy of industrial clustering. In later years, there was a rebirth of inter-firm networks with specific regard to technology transfer as championed by multinational corporations such as Microsoft Corporation (Phelps (1996). To date, multinational corporations have also played a key role in reviving this system in the Southern region of the United States (Cooke & Morgan 1998). Porter (1990) argues that competitiveness can be significantly facilitated by the liberal flow of information and resources within clusters. As a matter of fact, where multinational firms are involved, local firms benefit enormously from the importation of new ideas and products by the subsidiaries and their partners. This has been the case in the South as it has promoted economic development due to improved competitiveness. Hedlund (1986) notes that one of the advantages of a heterarchical/ a hierarchical form of organisation is dissemination of knowledge and information as which is significantly enhanced when firms collaborate and share information in the inter-firm networks. Hedlund (1986) states that, hierarchical network-form of organisation is a critical mode of production that should be adapted in economic governance. This involves inter-firm linkages where firms collaborate and interact to better their productivity. This mode of production has been applied in the Southern United States where various firms are interacting in their activities so as to learn from one another and increase their productivity. A good example is Cartoon Network and CNN in sharing information in the entertainment industry. This has enhanced economic democracy and development in the American South due to the high levels of trust between firms operating in extensive supply chain relationships are at the core of this hierarchy-substituting innovation. Hence, Partners can gain significant economic, technological and political benefits from working heterarchically given the high levels of trust. Multinational corporations such as CNN and General Motors have played a big role in the promotion of economic democracy and development in Southern region of the United States. Multinational enterprises act as catalysts in developing heterarchic forms of organisation (Fenton & Pettigrew 2000). Multinational enterprises are key players in this mode of production and they have had actual impact on the region’s firms by influencing the pattern of innovation and general knowledge transmission within the local economy. Multinational enterprises reduce uncertainty levels associated with establishment of expensive facilities in new markets thus improving success chances. In Southeast United States, there are positive heterarchical relationships in the technology cluster where players exchange information with other sectors in banking, entertainment, aerospace, autos and electronics (Centre for Competitiveness and Prosperity 2008). These linkages have been beneficial in harnessing development of products and processes, accessing specialist expertise and making development activity more cost effective. Large firms in the region are three times more likely to take part in these relationships than smaller enterprises and this is posing a challenge to policy makers in ensuring that the benefits trickle down to those establishments lacking the resources to invest in this innovative activity (Centre for Competitiveness and Prosperity 2008). Conclusion The Southern region of the United States is a unique region that is distinctive from other regions of the country due to its competitiveness that has been harnessed by the region’s technology cluster. The region’s local economic governance, with a focus to the technology cluster, is a good focus area in discussing regional development in the 21st Century and the challenges ahead for local economic governance, competitiveness and development. In essence, the economic structure of the region in the technology cluster has profoundly influenced the region’s local economic governance. After realising the significant role played by technology, most state governments in the region have revised their policy framework to give room to this rapidly changing industry and to harness investment in this essential area as a way of promoting economic democracy, competitiveness and development. However, there are challenges that the region is facing. Consequently, most states in the region have undertaken certain measures in response to shocks and imbalances in the socio-economic environment notably trade liberalisation and adaption of the heterarchical inter-firm networks. As means of generating sustainable economic development and competitiveness in the region, these measures have had certain implications on regional development. References Bell, S 2002, Economic governance and institutional dynamics, Oxford University Press, Melbourne, Australia. Byron, D 2006, Take this job and ship it: How corporate greed and brain-dead politics are selling out America, Thomas Dunne Books. Centre for Competitiveness and Prosperity, 2008, The economy of the southern region, Arizona University, Tempe, Arizona. Cooke, P & Morgan, K 1998, The associational economy. firms, regions, and innovation, Oxford University Press, pp. 35-56. 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