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New Economic Geography - Research Paper Example

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Every producer has a relative advantage or disadvantage in producing certain goods. The paper "New Economic Geography" analyzes the reasons why particular locations develop a competitive advantage in the production of a particular type of goods are complex…
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New Economic Geography
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Download file to see previous pages The new economic geography which is relatively different from the earlier theoretical attempts that discussed physical geography whereas this new concept focused on the second nature geography wherein the emphasis was on the location of the economic agents as key to the overall production process. The emergence of globalization witnessed blurring of traditional borders with free flows of goods and services across the borders. This gradual encroachment of national borders by the external forces also indicated an underlying concept of the new economic geography which indicated the relative importance of the location of the different economic agents in the whole process. It is therefore argued that the traditional lines between the regional as well as global economies are blurring because the economic geography of countries as well as economic agents provides increasing economic returns.
This discussion is also critical due to the fact that the earlier theoretical attempts have traditionally viewed the spatial differences between the economies on the basis of the factor endowments, technological sophistication as well as various policy regimes that have been implemented. However, despite they failed to account for the fact as to why different countries were able to develop entirely new production structures to gain and maintain their competitive advantage.
Thus the overall reasons as to why a particular location provides a competitive advantage are really complex in nature. This essay will, therefore, discuss this argument within the context of the new economic geography and why the competitive advantage based on the relative location of the producers.
It is argued that economic resources are always unevenly distributed across space and as such, every producer has a relative advantage or disadvantage in producing certain goods. What is called first nature is basically an emphasis on the economic development that took place until the industrial revolution, however, as the pace of economic growth increased after the industrialization process there was a growing emphasis on the search for new and cheaper alternative resources. ...Download file to see next pages Read More
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