The first, economic capital, refers to things that can be invested in or mobilised in pursuit of profit (or indeed, broader economic improvement). Inevitably, productivity is heavily contingent on transport infrastructure, telecommunications and high-quality business space – all tangible assets that we’re familiar with. Arguably, that is why superfast broadband has been of great benefit to the South West in overcoming issues relating to peripherality and facilitating a thriving tertiary sector that can flourish, and the lack of investment in our fragile railway has not. It is therefore of no surprise that the digital economy is one of the five pillars of Plymouth’s local economic strategy.
Human capital comes next, and presents a compelling association between the presence of highly qualified, enterprising and skilled people, and economic success. The theory is that educated, skilled residents are better equipped to adapt to changing economic circumstances, and more capable of taking advantage of economic capital to develop and nurture new industries. It’s why the University’s support for widening participation in general, and the creative economy in Plymouth in particular, is a key focus for the institution and the city. It’s also one of the underpinning differences why a Falmouth or a Brighton has a very different outlook to a Skegness or a Bridlington.
The third strand, environmental capital, has a special significance for seaside towns, for it is the coast itself that provides the unique selling point. Penzance has its promenade and art deco lido set to the backdrop of Mount’s Bay; Newquay has its sandy beaches and surf culture; Sidmouth, its red cliffs, pebbled shoreline and genteel streets. By the same token, the environment can be a constraint, stymieing ambition and development, particularly for those towns in inaccessible locations.