Making the Most of Smallness: Economic Policy in Microstates and Sub-national Island Jurisdictions

Abstract

Recent research has shown how the economies of very small jurisdictions function differently from the economies of larger jurisdictions. Due to the small populations and small economic size of microstates and SNIJs (sub-national island jurisdictions), their governments function differently as well, tending to be disproportionately large relative to their populations. Although small economic size is often considered a disadvantage, microstates and SNIJs also possess competitive advantages in engaging in economic policy aimed at developing core competencies and nurturing economic diversity. This paper considers why such policies may be particularly effective in very small jurisdictions and explores examples (with a special focus on Shetland, UK) of how island jurisdictions are using place branding initiatives to turn tourism marketing into a means of diversifying their economies and expanding their innovative capacities. The paper also considers how such policies may be problematic in terms of tenets of good governance and democratic responsiveness.

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