This article examines the dynamics of industrial restructuring in Yeongju, a mixed urban–rural city in North Gyeongsang Province facing demographic decline. This study draws on 14 semi-structured interviews with local officials, business actors, and...
This article examines the dynamics of industrial restructuring in Yeongju, a mixed urban–rural city in North Gyeongsang Province facing demographic decline. This study draws on 14 semi-structured interviews with local officials, business actors, and venture entrepreneurs. Yeongju's restructuring process reflects both external factors, such as the manufacturing plants of large firms and national industrial complex designation, and internal factors that regional stakeholders seek to build a venture-friendly ecosystem. Applying theoretical frameworks of path dependence, lock-in, and structural change, the study unearths that industrial transformation unfolds through multiple paths rather than a single trajectory. Empirical evidence highlights the upgrading of regional assets, notably speciality products, and collaboration with Seoul-based social venture firm.
The findings draw attention to the specific condition of small agro-urban city, thereby extending theoretical and empirical research on industrial restructuring beyond the established focus on major industrial regions.