Handbook of Regional Growth and Development Theories
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Handbook of Regional Growth and Development Theories

Edited by Roberta Capello and Peter Nijkamp

Regional economics – an established discipline for several decades – has gone through a rapid pace of change in the past decade and several new perspectives have emerged. At the same time the methodology has shown surprising development. This volume brings together contributions looking at new pathways in regional economics, written by many well-known international scholars. The most advanced theories, measurement methods and policy issues in regional growth are given in-depth treatment.
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Chapter 7: Territorial Capital and Regional Development

Roberto Camagni


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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