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Regional Economic Development in a Global Economy

"A superb volume on the new economics of geography by three pioneers in the field. This lucid, elegant book is a must for any graduate course in urban economics." -- Edward L. Glaeser, Professor of Economics, Harvard University
Since 1990 there has been a renaissance of theoretical and empirical work on the spatial aspects of the economy -- that is, where economic activity occurs and why.

Salstrom (history, West Virginia U.) argues that the economic problems of southern Appalachia stem not from any social or psychological deficiencies of the residents, as many have claimed, but from the course of the region's and the nations's economic history. Tracing the history from the first white settlements to the end of the New Deal, he reveals the complex web of factors that have worked against the area, such as the regulation of credit, industrialization, population growth, cultural...
The debate over the source of Appalachia's economic problems has been going strong since Harry Caudill's Night Comes to the Cumberlands appeared in 1963. Now a new study illuminates the region's plight, making a vital contribution to the understanding of this area's critical economic dilemma. In Appalachia's Path to Dependency, Paul Salstrom examines the evolution of economic life over time in southern Appalachia.  Booknews, Inc., 1994

Key Benefit: Designed to convey the excitement of studying cities while developing a set of formal tools for analyzing their economies. Key Topics: The book attempts to remove the division between “urban” economics and “regional” economics by demonstrating that the traditional intermetropolitan models of specialization and trade can also be extended to intrametropolitan analysis, thus unifying their treatment.

Mainstream economists have given insufficient attention to regional and urban economics and economic geography. Comparing nations in the European Union and North America, this book examines government activities aimed specifically at regional economic development. It provides a wide ranging consideration of numerous facets of regional economic development, encompassing both national and subnational levels. The book proposes that a period of economic prosperity is the best time to invest in regional development.

Table of Contents includes: The Resurgence of Regional Economies; Regional Economies as Relational Assets;  Crossing Industrial Divides in a Region;  Innovation as Collective Action: Conventions, Products, Technologies, and Territories; Regional Worlds of Production; Territories, Flows, and Hierarchies in the Global Economy; The Limits To Globalization: Technology Districts and International Trade; The World of the City: Local Relations in a Global Economy; Institutions of the Learning Economy; Conclusion: Technology, Firm Strategies, and Territorial Order

Table of Contents
Acknowledgments
1 Change and the Modern World The idea of "modern times" and a "global" place are the products of historical developments stretching back about five hundred years.  This chapter traces the emergence of a global system of time, symbolized by the adoption in 1884 of the Greenwich meridian, and of a global sense of place, first expressed in the 1494 Treaty of Tordesillas.
2 The World after World War II After World War II, the world was divided politically and
economically into three "worlds." Since then, the gap between first and third worlds has grown, and the second world has almost disappeared. This chapter examines the   diverging fortunes of different worlds, and charts the diverging economic prospects for rich and poor, men and women, in the United States 3 Dollar Devaluations In 1971 and again in  1985, U.S. presidents devalued the dollar to improve U.S. competitiveness. But this monetary policy failed to reduce trade deficits with our principal competitors or persuade consumers to "Buy American." They
also contributed to domestic problems, resulting in the sale and export of timber and the subsequent loss of jobs in the Pacific Northwest. And they created problems for dollar-dependent countries around the world, particularly for ones that produced oil
4 Fighting Inflation In 1971, U.S. officials began battling inflation, a problem because inflation is a discriminatory economic process. The Federal Reserve eventually used high interest rates to curb inflation. But this policy triggered the collapse of the savings and loan industry and contributed to rising homelessness in U.S. cities. And it triggered a debt crisis in the third world.
5 Debt and Taxes in the Third World Third world countries borrowed heavily in the 1970s, tapping the financial pools in Eurocurrency markets to promote economic growth. But rising U.S. interest rates and falling commodity prices forced them into bankruptcy and triggered a debt crisis for first and third world alike. While the first world managed to avert disaster, the third world did not. Its huge debts have grown, despite a decadelong effort to repay first world loans.
6 Debt and Taxes in the United States U.S. budget deficits grew and national debt mounted during the 1980s. This chapter explains how an eroding tax base and increased military spending added trillions to the national debt, the largest in the world.
7 Stock Market and Job Loss During the 1980s, government policy fueled investment in the stock market, contributing to rising stock prices. But government policy and stock price inflation encouraged corporate mergers, which resulted in massive job losses and declining incomes for American workers. And mergers have transformed whole industries, reshaping the communications industry wholesale.
8 Technology, Food, and Hunger Agricultural revolutions have vastly increased food supplies. But they have also displaced U.S. farmers and contributed to hunger in the third world. This chapter explains how agricultural technologies can simultaneously increase world food supplies and contribute to hunger.
9 Free Trade Agreements U.S. officials promoted the adoption of global and regional free trade agreements to promote the export of U.S. goods, everything from soybeans to movies. Open markets may expand the volume of world trade, but the benefits of trade may not be equally shared. This chapter explores the consequences of free trade for producers and consumers around the world.
10 Population Growth In the 1960s, scholars expected rapid growth to produce a host of global problems. But many of these problems did not materialize. This chapter explains why the population bomb fizzled, but also why continuing population growth is a serious problem nonetheless.
11 Global Climate Change In the mid-1980s, scientists warned that the release of heat-trapping gases could trigger global warming, with disastrous results. This chapter explores the debate about contemporary climate change and examines ways that heat-trapping gases might be reduced.
12 Dictatorship and Democracy Since 1974, dictators in more than thirty countries have been replaced by civilian democrats. Democratic political change was largely the product of different kinds of regional economic crisis, which was compounded, in individual states, by assorted political problems. The future of democratizing states depends on their ability to address the problems that first triggered the collapse of capitalist and communist dictators alike.
13 The Spread of Separatism Ethnic groups around the world have emerged in recent years to demand states of their own. Although they seek state power to redeem the promise of self-determination, their efforts to achieve independence can sometimes lead to ethnic conflict and war.
14 Mafias and the Global Drug Trade Regional mafias -- mafias, triads, and cartels -- have expanded the production and promoted the consumption of heroin and cocaine around the globe. This chapter explores the underworld in the world today, explaining why Chinese triads are wresting control of New York's heroin market from Italian American mafias.
Index
About the Author

Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs, have become increasingly prevalent in the world economy. Both pervasive and controversial, regionalization has some economists optimistic about the opportunities it creates and others fearful that it may corrupt fragile efforts to encourage global free trade. Including both empirical and theoretical studies, this volume addresses several important questions: Why do countries adopt FTAs and other regional trading arrangements? To what extent have existing regional arrangements actually affected patterns of trade? What are the welfare effects of such arrangements? Several chapters explore the economic effects of regional arrangements on patterns of trade, either on price differentials or via the gravity model on bilateral trade flows. In addition, this book examines the theoretical foundation of the gravity model. Making extensive use of the gravity model of bilateral trade, several chapters explore the economic effects of regional arrangements. In addition, this book examines the theoretical foundation of the gravity model. Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs have become increasingly prevalent in the world economy. Regionalization is both pervasive and controversial. Some economists are optimistic about the opportunities it creates; others are fearful that it may corrupt fragile efforts to encourage global free trade. This volume, which includes both empirical and theoretical studies, addresses several important questions: Why do countries adopt FTAs and other regional trading arrangements? To what extent have existing regional arrangements actually affected patterns of trade? What are the welfare effects of such arrangements? Several chapters explore the economic effects of regional arrangements on patterns of trade, either on price differentials or via the gravity model on bilateral trade flows. In addition, this book examines the theoretical foundation of the gravity model. The gravity model is supported as a useful method for empirical analysis, first by Deardorff's masterly demonstration of its theoretical underpinnings in virtually all trade models, then by flexible and subtle applications with adequate robustness checks. The papers collectively provide the first concentrated generalization and data-centered execution of Krugman's influential early-1990s bilateralism model.

Table of Contents
List of Figures and Tables
The Associational Economy: Introduction
Introduction
Issues Explored
1. The Institutions of Innovation
Introduction
Models of Innovation: The Schumpeterian Legacy
The Firm as a Repository of Knowledge
The State as Animateur: Creating a Milieu for Innovation
National Systems of Innovation
Trust, Voice, and Loyalty
Conclusions
2. Firms as Laboratories: Re-inventing the Corporation
Introduction
Corporate Governance: Rethinking Ownership and Control
R&D: Reintegrating Conception and Execution
Beyond Taylorism? The Factory as a Laboratory
Co-makership: Building Supply-Chain Partnerships
Conclusions
3. The Region as a Nexus of Learning Processes
Introduction
The Region: From Defence to Offence
Regions as Laboratories
Regional Innovation Systems
Innovation, Systems, Lock-in, and Industrial Districts
Beyond Regional Path-Dependence to Economies of Association
Conclusions
4. Baden-Wurttemberg: The Evolution of a `Model Region'
Introduction
The Regional Governance System
The National System of Innovation
Corporate Restructuring
The Mittelstand Sector
The Mittelstand after the Recession
The Role of Intermediaries
Conclusions: Embedding for the Future
5. Emilia-Romagna: From Civic Culture to Global Networks
Introduction
The Regional Governance System
Changing Industrial Organization
The Role of the Intermediaries
Remaking the SME Networks
Conclusions
6. Wales: Innovating through Global-Local
Interaction
Introduction
Low Trust and Short-Termism: The Anti-Industrial Syndrome in Britain
Governance Capacity: The Rise of the Regional State in Wales
Corporate Restructuring: The Scope and Limits of FDI
Beyond Classical Regional Policy
Conclusions
7. The Basque Conundrum: Regional Autonomy and Economic Decline
Introduction
From Francoism to Federalism: Late Modernization in Spain
The Governance System in the Basque Country
Corporate Restructuring: The Shadow of the Past
Regional Innovation Strategies: Chinks of Light?
Conclusions
8. Evolutionary Processes and Regional Practices
Introduction
The Evolutionary Perspective on Regional Economic Development
National Systems of Innovation
The Regional Nexus
What Policy Lessons are to be Learned?
Innovation and Regional Development: The EU Repertoire
Conclusions and Implications
References
Index