OHIO & DUBAI (Comparative Essay) in Business Research Paper

OHIO & DUBAI (Comparative Essay) in Business - Research Paper Example However, the economic prospects of Ohio today are quite unattractive and that this adversely affect investing or doing business in the state. This is reflected in a study conducted by Bo Carlsson (2002) wherein the firms in Ohio report a lack of regional venture capital firms as well as a lack of venture capital firms based outside the state particularly those interested in Ohio-based startups. (p. 171) All in all, the dismal business environment in Ohio can be seen in the economic activity, population trends, tax and real estate. There is an ongoing competition among US states for a share in investment as they compete with each other in regard to which locale is able to provide the best investment climate. In this landscape of escalating inter-state competition, selective interests within traditional industrial states sough to mobilize governmental powers and resources behind a strategy of inward investment. In Ohio’s case, construction of an inward-led model of economic development consisted of three elements. According to Nicholas Phelps and Philip Raines, these are: a set of economic and political interests that provided the social base for the strategy; formal institutions dedicated to a particular form of economic development; and, a framework for coordinating economic development practices. (p. 84) In Ohio’s economic history, it is clear that development came from the interconnection of these three elements. The first involved the establishment of the Ohio Department of Industrial and Eco nomic Development; the second is the codification of the relationship between State and private interests in the form of Ohio Economic Development Council; and, the third involves the routine practices through which inward investment has been pursued as a policy for the last four decades. (p. 85) Today, however, one fact stands out for Ohio: it is dramatically losing its competitiveness. Since the twenty-first