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Fulvio Castellacci and Arne Fevolden
Given that the disposition of the current environment is the ground for a new development path, it is logical to begin with an understanding of the rapidly changing, global world economy. Therefore, to have a better grip on regional and local economic development it is crucial to study and understand the wider environment within which these economies operate. In other words, it is necessary to see the forest before focusing on the trees. This chapter covers the local and regional economic analysis within the new, globalized economic and social environment. The first section of this chapter discusses the globalization process, the second section reviews its impact on local and regional economies as well as the place of local and regional economies in this global environment and the third section focuses on the importance of and need for local and regional economic analysis in such a fast changing world.