Introduction to Regional Economic Development

Introduction to Regional Economic Development

Major Theories and Basic Analytical Tools

Mustafa Dinc

This is a relatively simple and easy to read introduction of major regional and local economic development theories, their theoretical evolution and other relevant topics such as governance, institutions and local leadership within the globalization context. It also discusses some basic analytical tools and provides a template for them in an easy to use MS Excel spreadsheet application. It introduces conflict management procedures into regional development process and provides a regional decision support framework.

Chapter 9: Concluding remarks

Mustafa Dinc

Subjects: economics and finance, regional economics, urban and regional studies, regional economics


It is now a well-established fact that local and regional economies are systems within systems. Therefore, any study focusing on these economies needs to begin with an understanding of the wider environment within which these economies operate. National economies are important for regions, but there is a larger and as important world economy that has a significant influence on both national and regional economies. Hence, it is essential to understand the fast changing world economy and globalization. Since the early 1990s, the organization, composition, integration and interdependency of the world economy have gone through drastic changes. This recent progress is qualitatively different from the earlier expansion of international trade, which is more than an increase in volume and frequency of trade. In this new development, trade and resource flows are more complex and often involve economic agents and structures performing at the micro level. One of the major driving forces behind the globalization is the technological advancement in production processes. This development widened the scope of industrial activities, increased the variety and quantity of goods produced and made it possible to ship these goods to far away locations. Improvements in information, communications and transportation technologies have expanded the gains from advanced production processes and have noticeably changed economic and social life around the world.

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