This book investigates whether the 'associational economy' serves as a viable third way between traditional state-led and market-driven coordination in modern industrial systems. Philip Cooke and Kevin Morgan, both established scholars in regional development and economic geography, utilize an evolutionary economics framework to analyze how corporate reorganization and regional milieu interact under the pressures of global competition. They argue that decentralized industrial policy is essential for fostering innovation and economic resilience in both established and emerging regional economies.

Experts in economic geography and regional planning frequently cite this work as a foundational text for understanding the 'learning region' concept. Readers often note the academic density of the prose, which is primarily intended for researchers, policymakers, and graduate students in the field of economic development.