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Evolutionary Spatial Economics

Understanding Economic Geography and Location Over Time

Miroslav N. Jovanovic

A crucial question in contemporary economics concerns where economic activities will locate and relocate themselves in the future. This comprehensive, innovative book applies an evolutionary framework to spatial economics, arguing against the prevailing neoclassical equilibrium model, providing important concrete and theoretical insights, and illuminating areas of future enquiry.
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Chapter 24: Transnational corporations and international economic integration

Miroslav N. Jovanovic

Extract

Domestic markets in most countries are so small that even a high degree of protection of growth-propelling manufacturing industries and services aimed at supplying the local market may not be viable in terms of efficient employment of resources. By supplying a larger market provided by the integration arrangement, participating countries may increase production, capacity utilisation, employment and investment; reduce vulnerability to external shocks; capture economies of scale; improve bargaining positions in international markets; and increase average standards of living. Larger markets may often be an important attractive motive for TNCs to locate in the group.

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