Revised and Extended Second Edition
Edited by Roberta Capello and Peter Nijkamp
Chapter 7: Territorial capital and regional development: theoretical insights and appropriate policies
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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