(Far) beyond smart specialisation to the foundational economy in Australia?

Abstract

Abstract The concept of Smart Specialisation (S3) as a foundation of regional development has spread far beyond the European Union. In Australia, S3 appeared first in the Hunter Valley in New South Wales, but was applied in its most developed form in the Gippsland region of Victoria. Despite its growing influence, S3 has come in for criticism. In this article, we look at the way that the Foundational Economy (FE) and the related concept of Deep Place (DP) analysis have been promoted as potential answers to these limitations. I question how far FE and DP should be seen as an extension of or an alternative to S3. I look to more extensive approaches that have been put forward.