Regions and the World Economy

Abstract

One of the paradoxes of social theory today involves the simultaneity of people having visions of a shrinking world with a new global order and the rediscovery of the importance of geography in human affairs. Geography was always significant in influencing historical outcomes because of distance effects that influence the establishment of economic and social relationships. A new version of this socio-spatial duality assumes the shape of a mosaic of regions illustrated in terms of a network of local economies that form a system of production and trade. The author articulates his thoughts about linking global–regional relationships and how these are relevant in determining the political and economic trends in a global system. The author attempts to provide extended documentation of the mentioned trends, explore the theoretical support of the propositions about a break-up and re-configuration of regions, and illustrate principal institutional transformations that occur with the shifts.

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