The Evolution of Views on the Factors of Economic Development: New Theoretical Approaches

Анотація

The article considers the theories of economic development which are called «new theoretical approaches». Four conceptions are analyzed: «new economic geography», «evolutionary economy», «sustainable development», «intellectual specialization». The new economic geography considers spatial communications not as one of many, but the main factor determining the socio-economic processes of development. The evolutionary economy describes economic processes by analogy with the evolutionary processes in the nature. The sustainable development is an extension of the neo-liberal paradigm. Economic development also holds the first place there, but social and environmental factors are given proper attention in order to preserve the foundations of life and development of present and future generations. The conception of intellectual specialization is a new approach in the EU policy, which has become a key element of its policy towards the regions. The strategy includes three interrelated priorities: reasonable growth; sustainable development; inclusiveness. The goal of the strategy is to develop an individual approach to overcoming the recession in each region, ensuring the long-term development further on.

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