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1、AnInstitutionalistPerspectiveonRegionalEconomicDevelopment*ASHAMINIntroductionUntilrecently,regionalpolicyhasbeenfirm-centred,standardized,incentive-basedandstate-driven.ThisiscertainlytrueinthecaseoftheKeynesianlegacythatdominatedregionalpolicyinthemajorit
2、yofadvancedeconomiesafterthe1960s.Itreliedonincomeredistributionandwelfarepoliciestostimulatedemandinthelessfavouredregions(LFRs)andtheofferofstateincentives(fromstateaidtoinfrastructuralimprovements)toindividualfirmstolocateinsuchregions.Paradoxically,thes
3、ameprinciplesapplyalsotopro-marketneoliberalexperimentswhichhavecometotheforeoverthelastfifteenyears.Theneoliberalapproach,placingitsfaithinthemarketmechanism,hassoughttoderegulatemarkets,notablythecostoflabourandcapital,andtounderpinentrepreneur-shipintheL
4、FRsthroughincentivesandinvestmentintraining,transportandcommunicationinfrastructure,andtechnology.Thecommonassumptioninbothapproaches,despitetheirfundamentaldifferencesoverthenecessityforstateinterventionandovertheequilibratingpowersofthemarket,hasbeenthatt
5、op-downpoliciescanbeapplieduniversallytoalltypesofregion.Thisagreementseemstodrawonthebeliefthatattheheartofeconomicsuccessliesasetofcommonfactors(e.g.therationalindividual,themaximizingentrepreneur,thefirmasthebasiceconomicunitandsoon).Theachievementsofbot
6、hstrandsofsuchan`imperative'approach(Hausner,1995)havebeenmodestintermsofstimulatingsustainedimprovementsintheeconomiccompetitivenessanddevelopmentalpotentialoftheLFRs.Keynesianregionalpolicies,withoutdoubt,helpedtoincreaseemploymentandincomeintheLFRs,butth
7、eyfailedtosecureincreasesinproductivitycomparabletothoseinthemoreprosperousregionsand,moreimportantly,theydidnotsucceedinencouragingself-sustaininggrowthbasedonthemobilizationoflocalresourcesandinterdependencies(byprivilegingnon-indigenoussectorsandexternal
8、ly-ownedfirms).The`markettherapy'hasthreatenedafarworseoutcome,byreducingfinancialtransferswhichhaveproventobeavitalsourceofincomeandwelfareintheLFRs,byexposingtheweakeconomicbaseoftheLFRstothechillwin
