The Labour Market Impact of the Run on Northern Rock: Continuity and Evolution in an old Industrial Region
AbstractThe Northern Rock mortgage bank was a high profile casualty of the credit crunch in 2007. A longitudinal investigation focused on the redundancy and resettlement of employees at the bank provides a case study of the labour market impact of the banking crisis on the North East of England. An evolutionary geographical political economy approach indicates that Northern RockÕs growth and decline was shaped by its location in an old industrial region, and echoes the historical position of the peripheral region in the spatial division of labour. The Northern Rock case highlights the enduring occupational structure of the regionÕs labour market, and suggests older industrial regions may suffer from a process of Ôoccupational disadvantageÕ that restricts their ability to adapt to economic change.
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Bibliographic InfoPaper provided by Utrecht University, Section of Economic Geography in its series Papers in Evolutionary Economic Geography (PEEG) with number 1109.
Length: 46 pages
Date of creation: Jun 2011
Date of revision: Jun 2011
Financial crisis; Northern Rock; Labour market impact; Evolutionary geographical political economy;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-06-25 (All new papers)
- NEP-GEO-2011-06-25 (Economic Geography)
- NEP-HIS-2011-06-25 (Business, Economic & Financial History)
- NEP-HME-2011-06-25 (Heterodox Microeconomics)
- NEP-URE-2011-06-25 (Urban & Real Estate Economics)
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- Bholat, David & Gray, Joanna, 2013. "Organizational form as a source of systemic risk," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 7(27), pages 1-35.
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