Wales in the 21st Century: An Economic Future

Originally published in 2001 in The Business Economist, volume 32, issue 1. The original publication day is unrecorded.

Jane Bryan and Calvin Jones (eds), Palgrave, formerly Macmillan, 2000, v + 145 pages, £45.00.

From The Business Economist, volume 32, issue 1 (2001).

For those interested in the economic development of Wales at a time of significant political change this book is a must.

It reviews Wales’ past economic performance and suggests policies to improve its future position. Chapters 1 to 3 set the scene by defining the economic problem, essentially one of poor GDP per capita performance relative to the UK and its major causes.

Chapters 4 to 9 deal more explicitly with the economic policies that may be adopted to address these. Chapter 4 deals well with the costs and benefits of over-reliance on FDI. Chapter 5 provides a sober analysis of the position of SMEs in the Welsh economy and how they may be used to contribute towards development. Chapter 7 examines the problems of rural Wales. Again material is well researched and the analysis thorough. The same can be said of Chapter 8 which examines the potential of Objective 1 status for the Valleys communities. The proposed role of entrepreneurship and innovation in the development of the Welsh economy is covered in Chapter 9. Again there is a well-balanced critique of the current policy environment and a realistic view is taken on its future role in promoting dynamism.

The final two chapters deal with the need to set quantifiable policy targets and the challenges that face the Welsh economy in meeting the goals set for it by the National Assembly.

The editors and the individual authors are to be commended on their efforts. The description of Wales’ economic problem is clear, their analyses well balanced and their descriptions of the policies in operation excellent.

The book is slim, which means that some topics are left out, eg tourism. While there are numerous references to international competitiveness and the effect of the exchange rate on this, there is no specific chapter that deals with these issues. This is a pity, as increased globalisation will lead to even greater competition. A chapter dealing directly with the economic linkages between the different parts of Wales – North West, South West, North East, Mid and South East Wales and the reasons for the concentration of relative prosperity in South East and North East Wales would have been useful.

These criticisms are rather ones of emphasis than degree. The book is a readable account and critique of Wales’ economic problems, the current policies being undertaken and the future direction policies should take.

Nicholas Perdikis University of Wales Aberystwyth

Archived source: 2002-07-16 website capture.