“…On one side are Phil Cooke and Kevin Morgan who are advocates of the development of a 'knowledge and innovation' driven economy, which is based on the lessons that Wales, and other lagging regions, can learn from the 'innovative regions' of Europe (Cooke, 2000;Cooke & Morgan, 2000;Morgan, 1997Morgan, , 1998Morgan, , 2000bMorgan, , 2001. In contrast, a more critical line of this approach is provided by John Lovering, who questions the adequacy (on both theoretical and policy levels) of such an approach and its relevance to Wales (Lovering, 1996(Lovering, , 1999a(Lovering, , 1999b(Lovering, , 2000b(Lovering, , 2001Boland & Lovering, 2000). This debate is very important within the context of Objective 1 in the sense that it reveals a clean fracture in terms of interpreting the Welsh economy and future economic strategy design.…”