Two seemingly competing tendencies, the globalization of economic activity and the localization of industries, have captured the interest of scholars, economic development professionals, and policy-makers in recent years. While trends towards globalization of industries and companies appear to reduce the importance and distinctiveness of (subnational) regions, a tendency towards localization of certain industries and economic activities appears to do exactly the opposite. The simultaneous globalization and localization tendencies have created policy challenges for national and local governments. One response to these challenges has been a dramatic proliferation of regional development policies based on regional clusters of firms and industries. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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