A Canute Policy Fighting Economics? Local economic policy in an industrial district: the case of Nottingham’s Lace Market

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Abstract
This paper considers the issue of local economic policy in an industrial district. We focus on the fashion system in Nottingham’s Lace Market as an example of a flexibly specialised production complex whose success hinges on the production of quality, design based garments produced in small batches to meet customised consumption preferences. Such flexibility is enhanced through integrated local supply chains within a networking community of firms, and is underpinned by the provision of a sophisticated system of collective services. Our aim is to explore the role which institutional regulation has played in sustaining this industrial quarter, focusing on the complex relationship between economic activity, policy and place. While state intervention has played a pivotal role in shaping the evolution of this industrial agglomeration, this study also clearly reveals the tensions inherent within economic development policies which simultaneously endeavour to satisfy commercial, conservation, industrial and environmental interests. We conclude by offering the basis for a policy agenda which could enhance economic adjustment within an industrial district.

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