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Chapter 7: Territorial Capital and Regional Development
Roberto Camagni 7.1 The resurgence of supply-oriented approaches Looking at the recent evolution of theoretical regional economics, we may argue that, in the long term, supply-oriented approaches have outperformed strictly demand-oriented ones, of a Keynesian nature, in the interpretation of regional development processes. In fact, on the one hand, regional internal demand is not relevant, even in the short run, to drive regional growth, given the huge interregional integration and ever-increasing international division of labour. On the other hand, national demand growth is certainly more relevant to internal regional performances, but it is so on a ‘on-average’ basis: single regions may outperform (or underperform) the national average at the expense (in favour of) other regions,1 either because of a more appropriate (poorer) sectoral mix or because of a favourable (unfavourable) competitive diﬀerential. International demand growth, too, in particular as regards speciﬁc productions, may be highly favourable to the development of speciﬁc regions specialised in high-growth demand sectors. But this relationship may probably work well in a ﬁrst approximation and in the short run; in a more precise and longer-term perspective, there is no necessary reason why diﬀerent regions should beneﬁt equally from the (aggregate or sectoral) expansion of international trade. Textiles, shipbuilding or car production were for long considered slow-growing industries, but this fact did not prevent the emergence of regional and national success stories such as, respectively, Tuscany, Korea or Japan, areas that proved able to acquire rapidly increasing shares of an even...
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