This thesis examines the extent to which the Flexible Specialisation model of Industrial organisation constitutes a v Iab Ie and app IIcab Ie strategy for sma II sea Ie manufactur Ing firms In Greece. This Involves: 1. The evaluation of the Flexible Specialisation paradigm as a response and as a way out of the crisis. 2. The analysis of the development trajectory of small scale Industry In Greece. 3. The Identification of the current characteristics of sma II manufacturing firms In Greece, their strengths and their weaknesses. 4. The evaluation of the future prospects of smal I scale Industry In the light of the Flexible Specialisation strategy. The first part of the thesis (chapters 1, 2 and 3) deals wit h the Que st Ion 0f res truc turi ngin v Iew 0f the cri sis and exam Ines a Iternat Ive ways of organ Ising product Ion. It looks more closely to the Flexible Specialisation In the light of academic experimentation with new concepts, ranging from post- Fordlsm to Flexible Accumulation. It evaluates the strengths and the weaknesses of the Flexible Specialisation model, and considers Its merits against previous sma II scale Industry theorisations. The second part of the thesis (chapters 4,5 and 6) exam Ines the po IIt Ica I economy of Industry In Greece In order to unravel the economic, soclo-polltlcal and Institutional factors account Ing for the emergence, conso IIdat Ion and perSistence of small firms as a considerable part of the Greek manufacturing structure. The third part of the thesis (chapters 7, 8 and 9) Is based on evidence from fieldwork material on three manufacturing branches (metalworking-engineering, clothing and plastic products) and brings out similarities and differences of alternative responses to the economic recession. It examines the extent to which flexible specialisation principles have been Introduced by some sma II firms In the sectors under consideration. Finally, the fourth part (chapters 10 and 11) brings together the main themes developed In the course of the thesis In order to explore the scope and deslrabl Ilty of pol Icy InterventIon In the dIrectIon of Inducing a flexIble specialIsatIon restructuring pattern. The major conclusions of the thesIs are summarIsed In the fInal chapter.