ABSTRACT
Local and regional development has become an increasingly important activity for national as well as local and regional governments across the world since the 1960s and 1970s. In parallel, the context for local and regional development has been dramatically reshaped by deep seated changes in the pattern of economic activity and has become significantly more challenging. First, an alleged qualitative shift has taken place towards a more ‘reflexive’ capitalism characterised by heightened complexity, uncertainty, risk and rapidity of economic, social, political and cultural change. The economic system has become more internationalised, even ‘globalised’, knowledge intensive and competitive. While the long-term prospects for the emergent global economy remain uncertain, there is little doubt that its contemporary emergence has raised the spectre of deepened unevenness in the prospects for development for particular social groups and territories and sharpened geographical inequalities in prosperity and well-being. The inclusive and sustainable nature of territorial growth and development has begun to be challenged. Fundamental questions about what constitutes ‘success’ and ‘development’ in localities and regions are being posed.
