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

Revised and Extended Second Edition

Edited by Roberta Capello and Peter Nijkamp

Regional economics – an established discipline for several decades – has undergone a period of rapid change in the last ten years resulting in the emergence of several new perspectives. At the same time the methodology of regional economics has also experienced some surprising developments. This fully revised and updated Handbook brings together contributions looking at new pathways in regional economics, written by many well-known international scholars. The aim is to present the most cutting-edge theories explaining regional growth and local development. The authors highlight the recent advances in theories, the normative potentialities of these theories and the cross-fertilization of ideas between regional and mainstream economists. It will be an essential source of reference and information for both scholars and students in the field.
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Chapter 7: Territorial capital and regional development: theoretical insights and appropriate policies

Roberto Camagni

Abstract

The relatively new concept of territorial capital refers to all geographically bounded assets of a territorial nature on which the competitiveness potential of regions and places reposes. It finds its sources in the convergence of two main streams of literature: the formalized approaches of supply-based explanations of growth, and the theoretical heritage of the endogenous development literature. The chapter provides a taxonomy of the different forms of territorial capital, crossing the two dimensions of materiality and rivalry, defining nine categories with their own specific laws of accumulation and de-cumulation. The availability of data on these different categories of territorial capital makes it possible to build a spatial production function with heterogeneous capital assets, where the non-material terms explain the residual with respect to traditional production functions. This residual might be called the territorial relational surplus, and plays the same role, in a spatial dimension, that technical progress plays in a time dimension.

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