He first noticed that service industries i.e. information services and even entertainment, were gradually replacing heavy industries. He thus launched the concept of post-industrial society wherein an economic transition occurred from a manufacturing based economy to a service based economy. To post-industrial society, he ascribed the attributes of global diffusion of capital, the deterioration of the manufacturing sector, the imbalance of international trade, the shift in the balance of employment to the service sector, the "preeminence of a professional and technical class, the primacy of technical, and especially theoretical knowledge, the planning and control of technology; and the rise of intellectual technology" (Bell,1973,p377). In this society, intellectual and technical work, the universities and research institutions attain new prominence (Leggatt, 1985,p 20).
People often wonder why some regions advance economically more rapidly than others, even those situated nearby, which find it difficult to keep up with the general economic trend and thus only fall into decline. They also ask why certain periods seem to be especially
This phenomenon can be explained by the fact that entrepreneurs create new information through innovation and convert such information into opportunities. Such knowledge fuels competencies and expertise and hence competitive capacity, which is the sum total of ideas obtained from networks coupled with resources and skills. An efficient learning system (training and R&D), reinforcement of technology by more knowledge and know-how and government support complete success to this knowledge based economy (Castells,2004,p314-316).
Since time immemorial, cities had been cauldrons of creativity. Today, creative economy stews in cities, the sites of universities, which have become generators and centres of knowledge. Cities create broad environment that attracts talents all over the globe, the most critical resource to the creative economy spawned by knowledge economy. Both have accelerated "development of high-technology industries and regions". This creative economy remolded practically all aspects of economic development as "knowledge and creativity have replaced natural resources and the efficiency of physical labour as sources of wealth creation and economic growth" (Florida,2005,pp 49,50,68,144).
THE ECONOMIC AND SOCIAL HISTORY OF NEWCASTLE/THE CHANGING NATURE
Newcastle Upon Tyne City is an administrative center borough of Tyne and Wear, in North East England, on the Tyne River. With Gateshead, Jarrow, North and South Shields, it forms the Tyneside conurbation which in 2001 had a combined population of 879,996 (Office for National Statistics, 2001).
As Newcastle entered the 21st century, it left behind a rich historical legacy, evidenced by ruins of castles and