Major Theories and Basic Analytical Tools
Chapter 9: Concluding remarks
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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