The market is the central institution of the global economy, driving the development that has so dramatically improved living standards for many of the world's people over the past two centuries. But the market has also helped to keep many other people in poverty, and it has played a major role in the ongoing degradation of the environment. In Economic Geography: An Institutional Approach, Roger Hayter and Jerry Patchell offer a comprehensive introduction to the study of economic activity in place and across space, centred on the interplay of the economic, social, and political institutions that do so much to determine the quality of life in a particular place: from its economic efficiency to the degree of social equity it enjoys and its position in what is now a global economic system. Perfect for courses in economic geography, the text provides both a solid foundation in the location dynamics of value chains and a perspective that recognizes the interdependence of places, institutions, activities, and ways of life around the world.
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the institutional focus of the Hayter and Patchell book provides an inspiring, sophisticated and timely framework for interpreting economic dynamics in a spatial perspective. (Martina Fromhold-Eisebith, Regional Studies)
Economic Geography: An Institutional Approach provides a comprehensive study of the economic activities of markets in place and space. The distinctiveness of this book is in its institutional approach towards understanding how place and space shape economic processes. The text argues that the market is the central institution of modern economies, all at once driving economic development while also generating problems such as poverty and environmental degradation. From this perspective, markets are therefore deeply influenced by big business, labour, governments, and non-profits, and these institutions of the space economy provide a basis for exploring the location dynamics of value chains and value cycles in the resource, agricultural, manufacturing, service, communication, consumption, and urban sectors. The only text of its kind, this book examines the role of economic geography from a markedly Canadian perspective on a national and global scale.
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