Economic Geography and Regional Development Essay

Introduction We observe, more often than not, large differences between the incomes of different regions within the same country. The same is observed even between towns within a state, districts within a city, areas within district and so on and so forth. While reasons for such differences are more obvious at national and sub national levels, they become more complex as and when we get to smaller and smaller zones. This has caught the attention of many in the past and has generated enormous amounts of literature. Most theories have sought the help of ‘economic geography’ and its diversity to explain such incomes differences. We shall try and look at some of these explanations in the context of regional development. An attempt to†¦show more content†¦2) Core-Periphery Models by Hirchman (1958) and Friedmann (1966) This school of thought explained the ‘trickledown effect’ which means that the benefits of any policy or policy reform will benefit the richest in the initial stages, but eventually the perks tend to trickle down to the base of the pyramid, thus benefitting the broad population. The core-periphery model maintains its stance (Chakravorty 2002) on such a line of thought and places at the core, ‘the locus of change, where new ideas, technology, and capital intersect to generate economic change and cultural dynamism, while the non metropolitan periphery initially falls behind in relative and sometimes, absolute terms. Eventually, expanding markets and urbanization, the spatial diffusion of innovations and culture, and political demands from the periphery should lead to the narrowing of the core periphery gap.’ A similar line of thought is also prevalent in the inverted-U hypothesis as proposed by Williamson (1965) whichShow MoreRelatedEuropean Security Strategy8 04 Words   |  4 PagesThe establishment of the European Union (EU) solidified a united political, economic, and defensive front creating a Supranational Organization (Lucas, 1999, no page). With the assistance of the North Atlantic Treaty Organization (NATO) and the United States, the EU has developed a comprehensive security strategy responsible for leading the coalition’s objectives for mutual solidarity, global stabilization, and defense. 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