The Case for Smart Specialization Strategies (RIS3) as an Instrument for Place-Based Policies

Abstract

Place-based policies are considered the new regional policy paradigm, replacing an existing concept of regional development pillars and redistributive logics. At EU policy-making level, the territorial dimension of the programming cycle for 2014-20 requires place-based policies to the formulation and implementation of a new set of instruments as the smart specialization strategies (RIS3). Based on dynamic competitive advantages anchored on territorial idiosyncrasies, RIS3 are as well an ex-ante condition of access to the structural funds at both a national and regional level. RIS3 are thus seen by us as a benchmark instrument for the place-based theory. An analysis of the scientific literature and official documents of the EU and its member states supported a correlation matrix that cross-referenced the characteristics of the RIS3 with those of the regional policy paradigms. Results reveal that RIS3 are hybrid policy instruments partly place-based but still with characteristics that bring them closer to the polarized and redistributive paradigm.