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The Economics of Trade, Location and Context: Another ‘Great Transformation?

Abstract : How should we think of the role of regions in relationship to the global economy? Theory has surprising gaps when it comes to building a unified vision of these two scales of development. Two contributions to such a vision are proposed in this paper. First, the relationship between geographical concentration and the regional economic specialization it underpins, and globalization, should be theorized as a dynamic process. Standard location and trade theory is not adequate for this task; instead, the dynamical relationship can be captured through growth theory. But this in turn requires correcting growth theory to separate its local and its global components, respectively Marshall-Arrow from Romer externalities. Second, we consider the missing element in all theories of geographical concentration and locally-specialized development, an element labeled “context” here. A theory of context in turn raises important new questions about the dynamic welfare and developmental effects of contemporary processes of fragmenting and re-locating production at a global scale.
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Submitted on : Monday, March 28, 2022 - 9:27:28 AM
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Michael Storper. The Economics of Trade, Location and Context: Another ‘Great Transformation?. Roepke Lecture in Economic Geography, Association of American Geographers (AAG) Annual Meeting, Mar 2008, Boston, United States. ⟨hal-03621194⟩

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