How might a region's economy influence the world economy?

Despite concern about the negative impacts of globalisation on the economies of OECD regions, notably the loss of manufacturing jobs and enterprise relocation, this report presents evidence that region-specific advantages – embedded in specialised firms, skilled labour and innovation capacity – remain a significant source of productivity gain for firms, even for the largest multinational enterprises. This seems to contradict the hypothesis that globalisation reduces the importance of geographical proximity in business.

Economic geography in an era of global competition involves a paradox. It is widely recognised that changes in technology and competition have altered many of the traditional rules that determine location of economic activity, making it possible for firms to access the inputs and knowledge that they need from anywhere across the globe. Yet specialisation and concentration remain striking features of regional economies in the OECD. For example, many of the leading firms in "new economy" industries have tended to cluster together.

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