Description
Title: Spanish Extremadura after a Period of Divergence: Smart Specialization Strategies and Regional Convergence
Abstract: A new EU approach to cohesion policy, known as smart specialization strategies, aims to promote growth and development at the national and regional levels of the EU. This paper aims to clarify its applicability to address uneven development and regional growth divergence while keeping in mind its focus on place-based development strategies. The growth trajectory of Spanish Extremadura is shown in the paper. Extremadura is a low-income area in the European context that deviated from the EU average between 2008 and 2014 despite being a convergence region that qualified for EU funding under the cohesion policy. In the beginning of the 2014–2020 programming period, there was a positive dynamic, but from 2017 onward, convergence stopped, indicating that thematic and regional programming has not produced results or has not made up for other Spanish regions’ higher growth levels. Moreover, place-based economic transformation in less developed regions appears to be little affected by research and innovation strategies for smart specialization (RIS3). This example is used to discuss the viability of using the smart specialization strategy as the cornerstone of cohesion policy during the programming period. The study comes to the conclusion that while this strategy may be intriguing for regions with a moderate level of industrial base, it does not appear appropriate as a convergence driver for poorer regions.
Keywords: regional development; EU cohesion policy; convergence objective regions; RIS3; 2008 crisis; Extremadura; Spain
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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