Development and Finance from issue 2011/1

Tamás Gáspár

Regions in the Global Economy

- Abstract -

Regional studies have acquired important role in analysing international economic relations. In recent decades economics integrated the spatial approach into its analysis adding a new dimension to research on strategic development of economic and social relations. Regions have own separate characteristics in the era of globalisation. Regional approach can help to solve the contradictions between sub national and supranational aspects. Regions can be formed according to very different approaches and these are also present in international economic analyses. There are significant differences and similarities between regions depending on the horizontal, vertical and time aspects.

The world “region” etymologically is closely connected to “regere”, or to govern. Regional analyses of international economy are aimed primarily at evaluating the global environment of socio-economic development, or – in our case – more precisely the Hungarian external economic policy. The question is: what kinds of forces are shaping the future prospects and to what extent in this respect? In the globalised environment the picture has become more complicated and Hungary needs to count with the
influence of very different geographical and power centres. This network of influences is basically different from historical experiences. In the past the country was connected to one centre’s sphere of influence. Today a much more complicated external framework can be identified.

A further problem that makes more difficult the question is that each of the regional power centres based their structure and operational framework on different economic philosophy and social traditions. These different structures can have basically different impacts on the Hungarian traditions as well.

Tamás Gáspár, PhD, senior research fellow (Budapest Business School)
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