Regional development is a complex phenomenon, influenced by technological advances, changing lifestyle preferences, money spent on public infrastructure, and political and other international events. It can take the form of efforts to find green energy sources, create jobs, and improve living standards in underserved areas. It can also include attracting investments and building capacity for local innovation. Many agencies are dedicated to promoting and supporting regional development. Governments and organizations made up of several countries often work together on regional development projects, sharing ideas and best practices.
While most of the research on regional development is economic, there are other approaches to understanding it that focus on noneconomic factors. These may be linked to the way language is used in the process. In particular, metaphors are effective as carriers of meaning, because they allow us to simplify and communicate complex concepts. In turn, they can reinforce prevailing power relations in a given context.
In the literature on regional development, there are two main schools: economic geography (EG) and regionalism in transition (RIS). EG studies usually look at how endogenous factors can lead to new development paths. In this view, a region must have access to economies of scope and scale in order to compete in global markets. Economies of scope are derived from the local concentrations of specific human, social, and technological resources that enable a region to gain a competitive advantage.
RIS studies, on the other hand, consider how different regions interact with each other and with global economic trends to establish their niche. They also look at how a region’s unique assets can be used in the bargaining process with transnational firms.
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