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

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  • Michael Storper

    (CSO - Centre de sociologie des organisations (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

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.

Suggested Citation

  • Michael Storper, 2008. "The Economics of Trade, Location and Context: Another ‘Great Transformation?," SciencePo Working papers Main hal-03621194, HAL.
    • Handle: RePEc:hal:spmain:hal-03621194
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03621194
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