Acknowledgements 3

Executive Summary 6

1 Why does place transformation matter? 9

  A fractured geography of opportunity 9

  Falling short on solutions 10

  Renewing policies for place transformation 10

2 What does it mean for a place to transform? 12

  Place transformation is about profound change 14

  A successful transformation goes beyond just short-term growth 14

  Transformation can take different forms 15

  Transformations may – or may not – deliver for all 17

3 What sparks a transformation process? 18

  Shocks and transitions that trigger a transformation process 18

  Tipping points and shocks 19

  Looking ahead: how future triggers of transformation may differ from the past 19

4 What impacts a place’s ability to transform? 22

  The drivers of local competitiveness and resilience matter 22

  What helps, but also what hurts: constraints, bottlenecks and lock-ins 25

  Going beyond the basics: institutions and “soft infrastructure” 26

5 What types of policies can support transformation? 28

  What: Types of policy interventions 28

  Who: the role of different stakeholders and levels of government 29

  When: timing and length of interventions 31

  How much: the cost and to whom 34

  Where: the geographic scale of intervention 35

  What else: going beyond business as usual 36

6 Areas for further research 38

Annex A. How different disciplines conceptualise transformation 40

References 42

  Notes 53