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In a highly globalised trade and investment environment, businesses in regional areas must learn to take advantage of the benefits that stem from their geographical location. This book explains the immense value regional businesses bring to local communities and to Australia as a whole through case studies. The case studies are diverse in nature and highlight how regional businesses utilise their competitive advantage to introduce innovative practices and use local expertise, knowledge, skills, and networks to benefit from local social capital in a synergetic manner. The case studies in the book will help readers better understand the processes of industrial localisation. The examples of how innovative regional businesses have used innovative practices, local resource leverage, social and entrepreneurial skills and knowledge of international markets to develop and expand their businesses will provide insights into how regional businesses can achieve growth and secure jobs in an innovative and sustained manner.
This pioneering volume proposes a compelling new theory of how regions have sustained their economic viability in the era of multinational corporations. Unlike traditional approaches, which analyze economic systems in terms of their mechanics (inputs, outputs, prices, technology, etc.), this work views them as systems for coordinating human actions and relationships. Reconceptualizing the role of learning, technology, and local institutions in development, Storper illuminates the key role of regional economies as building blocks of the increasingly connected world. A thought-provoking and timely work, The Regional World carries resounding implications for educators, students, and policymakers in economic geography, economic sociology, and international business. It is an essential primary or supplementary text for graduate-level courses on economic, regional, or industrial development and policy and international business.
Shows how to turn globalization into opportunity--to grow new businesses, create new jobs, revitalize regions, and develop international cities of the future.
This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups-industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates-output, consumption, and investment-into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.
Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs, have become increasingly prevalent in the world economy. Both pervasive and controversial, regionalization has some economists optimistic about the opportunities it creates and others fearful that it may corrupt fragile efforts to encourage global free trade. Including both empirical and theoretical studies, this volume addresses several important questions: Why do countries adopt FTAs and other regional trading arrangements? To what extent have existing regional arrangements actually affected patterns of trade? What are the welfare effects of such arrangements? Several chapters explore the economic effects of regional arrangements on patterns of trade, either on price differentials or via the gravity model on bilateral trade flows. In addition, this book examines the theoretical foundation of the gravity model. Making extensive use of the gravity model of bilateral trade, several chapters explore the economic effects of regional arrangements. In addition, this book examines the theoretical foundation of the gravity model.
Since the early 1980s, the region has been central to thinking about the emerging character of the global economy. In fields as diverse as business management, industrial relations, economic geography, sociology, and planning, the regional scale has emerged as an organizing concept for interpretations of economic change. This book is both a critique of the "new regionalism" and a return to the "regional question," including all of its concerns with equity and uneven development. It will challenge researchers and students to consider the region as a central scale of action in the global economy. At the core of the book are case studies of two industries that rely on skilled, innovative, and flexible workers - the optics and imaging industry and the film and television industry. Combined with this is a discussion of the regions that constitute their production centers. The authors’ intensive research on photonics and entertainment media firms, both large and small, leads them to question some basic assumptions behind the new regionalism and to develop an alternative framework for understanding regional economic development policy. Finally, there is a re-examination of what the regional question means for the concept of the learning region. This book draws on the rich contemporary literature on the region but also addresses theoretical questions that preceded "the new regionalism." It will contribute to teaching and research in a range of social science disciplines.
Our intuition on how the world works could well be wrong. We are surprised when new competitors burst on the scene, or businesses protected by large and deep moats find their defenses easily breached, or vast new markets are conjured from nothing. Trend lines resemble saw-tooth mountain ridges. The world not only feels different. The data tell us it is different. Based on years of research by the directors of the McKinsey Global Institute, No Ordinary Disruption: The Four Forces Breaking all the Trends is a timely and important analysis of how we need to reset our intuition as a result of four forces colliding and transforming the global economy: the rise of emerging markets, the accelerating impact of technology on the natural forces of market competition, an aging world population, and accelerating flows of trade, capital and people. Our intuitions formed during a uniquely benign period for the world economy -- often termed the Great Moderation. Asset prices were rising, cost of capital was falling, labour and resources were abundant, and generation after generation was growing up more prosperous than their parents. But the Great Moderation has gone. The cost of capital may rise. The price of everything from grain to steel may become more volatile. The world's labor force could shrink. Individuals, particularly those with low job skills, are at risk of growing up poorer than their parents. What sets No Ordinary Disruption apart is depth of analysis combined with lively writing informed by surprising, memorable insights that enable us to quickly grasp the disruptive forces at work. For evidence of the shift to emerging markets, consider the startling fact that, by 2025, a single regional city in China -- Tianjin -- will have a GDP equal to that of the Sweden, of that, in the decades ahead, half of the world's economic growth will come from 440 cities including Kumasi in Ghana or Santa Carina in Brazil that most executives today would be hard-pressed to locate on a map. What we are now seeing is no ordinary disruption but the new facts of business life -- facts that require executives and leaders at all levels to reset their operating assumptions and management intuition.
This brilliantly original book dismantles the underlying assumptions that drive the decisions made by companies and governments throughout the world, to show that our shared narrative of the global economy is deeply flawed. If left unexamined, they will lead corporations and countries astray, with dire consequences for us all. For the past fifty years or so, the global economy has been run on three big assumptions: that globalization will continue to spread, that trade is the engine of growth and development, and that economic power is moving from the West to the East. More recently, it has also been taken as a given that our interconnectedness—both physical and digital—will increase without limit. But what if all these ideas are wrong? What if everything is about to change? What if it has already begun to change but we just haven't noticed? Increased automation, the advent of additive manufacturing (3D printing, for example), and changes in shipping and environmental pressures, among other factors, are coming together to create a fast-changing global economic landscape in which the rules are being rewritten—at once a challenge and an opportunity for companies and countries alike.
The process of globalization has had profound, often destabilizing, effects on space, at all levels (i.e. local, regional, national, international). This revealing book analyzes, both theoretically and empirically, the effects of globalization over space. It considers, through a dialogue among different paradigms, the ways in which space has become more important in the global economy. Globalization has been advocated as a way of shrinking time and space which will lead to a homogenized global market; a suggestion challenged in differing ways and with a variety of approaches by all the contributors to this volume. Leading authorities from a range of disciplines are represented amongst this impressive list of contributors, including Eric Sheppard, Bjørn Asheim, Richard Walker and Peter Swann. The chapters demonstrate persuasively the continuing, and even increasing, role of space in the global economy, and throughout, the book covers viewpoints from the fields of: international political economy economic geography regional and local economics. This impressive volume, which contains a selection of the best in contemporary scholarship, will be of interest to the international arena of academicians, policy makers and professionals in these or related fields.
Regional trade agreements have expanded exponentially over the past decade, and have become a significant, if controversial, factor in the expanse of economic globalization. Social Regionalism in the Global Economy attempts to take a fresh, interdisciplinary approach to addressing labour regulation by drawing upon insights from industrial relations, comparative capitalism, and new governance schools of thought. It stands for the proposition that an interdisciplinary study of regional regulation holds the potential to offer a fuller account of social regionalism. Its focus is to consider how institutions and labour market actors reconstruct and renegotiate regulatory space in a changing economic environment characterized by regional impulses. It argues that there is a dynamic interplay between institutions and actors of social regulation. This interplay occurs at many levels. The book therefore maps both how actors shape institutions as well as how institutions shape social actors’ ability to affect regulatory processes. The editors bring together leading international specialists willing to move beyond textual analyses of regional agreements to offer alternative accounts of regional integration. The work emphasizes that institutional context and social actors at multiple governance levels are integral to the progressive construction and regulation of regional space. It further contributes to the literature by combining insights from overlooked regional entities in transition and developing countries with original analyses from the European Union and the NAFTA. These aims will be achieved by combining original research that is empirically grounded with theoretically informed analysis.