A very interesting video, thanks for sharing.
London has relied on it's old wealth reputation to get by and it hasn't worked. Some things were certainly beyond London's control like the soring CDN$ in the early 2000s which made a lot of Ontario manufacturing uncompetitive along with cheap labour products from China and Mexico. London, unlike many manufacturing cities, is very fortunate in that it already had a very solid education, medical, finance, and government industry. For a manufacturing city to have that kind of solid white collar presence is quite rare.
London's rather conservative nature has inhibited the city from changing quickly. London's traditional "growth but not at any price" has left the city without the "get up and go" of KWC or Calgary. Conversely it has left Londoners with a beautiful, connected, safe, and very pleasant city that no other city in Southern Ontario outside of Toronto can match.
London really is a lovely city and a very liveable one. Not only is that very nice from a quality of life point of view but is also a formidable economic strength. When high skilled labour can go where they want, being able to offer a job in a city that offers a high quality of life is a real economic advantage. Same with industry.........they want to set up shop where they know they cannot only get skilled workers but entice new ones to come and just as importantly, stay.
London has missed a beat or two and will probably continue to although the city and especially the downtown, has taken a very marked turn for the better in the last decade. London is definitely not KWC or the innovation it's known for but when considering they are the same size metros, London has far more to offer and is an infinitely nicer and more pleasant city than KWC or most cities in Ontario will ever hope to be.