GY410 Half Unit
Economics of Local and Regional Development
This information is for the 2025/26 session.
Course Convenor
Prof Riccardo Crescenzi
Availability
This course is available on the MPhil/PhD in Economic Geography, MSc in Development Management (Political Economy), MSc in Development Management (Political Economy) (LSE and Sciences Po), MSc in Environmental Economics and Climate Change, MSc in Environmental Policy, Technology and Health (Environmental Economics and Climate Change) (LSE and Peking University), MSc in Innovation Policy, MSc in Local Economic Development, MSc in Regional And Urban Planning Studies and MSc in Urban Policy (LSE and Sciences Po). This course is available with permission as an outside option to students on other programmes where regulations permit. This course uses controlled access as part of the course selection process.
How to apply: Priority: MSc Local Economic Development then other students. Priority is typically for students enrolled in Geography and Environment programmes, or joint degree programmes, however course specific availability is indicated via the 'Availability section' on the LSE course guide webpages. Guidance on how to apply to individual controlled access courses can also be found on LSE for You in the Graduate Course Selection system.
Please note: The number of students that can be accommodated is limited. If a course is over-subscribed, places will be allocated at the Department's discretion and a waiting list may be created. It is advised to have an alternative course in mind as a back-up in case you are unable to secure your first-choice course selection.
Deadline for application: Further guidance and information on course selection for Geography and Environment courses (GY4xx) will be available on the Geography and Environment Course Selection Moodle page which will go live from Monday 8 September and will be updated with course availability information daily throughout the course selection period. This page includes information on the timeline for course selection decisions in the Geography and Environment Department as well as the individual course application processes and requirements
A list of all taught master's courses in this Department are listed on LSE's course guide webpages.
For queries contact: geog.led@lse.ac.uk
The number of students that can be accommodated is limited. If the course is over-subscribed, places will be allocated at the Department’s discretion and a waiting list may be created. For further details, please contact your relevant Programme Coordinator.
Course content
Why do some regions and territories consistently outperform others in economic development and wealth creation? What key drivers shape local and regional economic performance? How can tailored economic development policies stimulate sustainable growth and improve socio-economic conditions in disadvantaged areas? Recent technological advances—including digital innovations—shifting geo-political dynamics, and emerging patterns of economic (dis)integration have challenged conventional answers to these questions, demanding new analytical approaches and policy tools.
This course offers an in-depth exploration of the economic determinants underpinning local and regional development, alongside the policy measures that influence these drivers. Students will analyze disparities in regional performance across advanced, emerging, and developing nations, establishing the rationale for government intervention. Through an examination of diverse theories and approaches to local and regional development, the course covers various determinants of economic performance—from innovation and human capital to Foreign Direct Investment (FDI), Global Value Chains (GVCs), and global innovation networks.
A critical, hands-on examination of regional development policies—including the European Union’s Cohesion Policy, a prime example of practical large-scale intervention—will showcase the real-world effectiveness and limitations of current tools. This approach underscores the need for a balanced, pragmatic framework in designing, managing, and implementing regional development strategies amid digital and green transitions. Emphasis is also placed on understanding how geo-political factors influence local economies through trade, FDI and GVCs, a critical insight for addressing current development challenges. Comparative analyses featuring the United States, China, and India further enhance understanding by situating regional development in a global context.
Teaching
30 hours of seminars and 20 hours of lectures in the Autumn Term.
This course has a reading week in Week 6 of Autumn Term.
In the Department of Geography and Environment, teaching will be delivered through a combination of classes/seminars, pre-recorded lectures, live online lectures and other supplementary interactive live activities.
Formative assessment
Students will be expected to produce 1 piece of coursework in the AT.
Indicative reading
R Capello, Regional Economics 2nd Edition, Routledge, 2016; R Crescenzi & O Harman O, Harnessing Global Value Chains for Regional Development, Routledge, 2023; R Crescenzi & A Rodríguez-Pose Innovation and Regional Growth in the European Union, Springer, 2011; C Jones, Introduction to Economic Growth 2nd edition, W. W. Norton & Company 2006; P McCann Urban and Regional Economics, OUP 2001; A Pike, A Rodríguez-Pose & J Tomaney, Local and regional development 2nd Edition, Routledge, 2017.
A number of more specialized texts will be recommended at the beginning of the course.
Assessment
Exam (100%), duration: 120 Minutes in the January exam period
Key facts
Department: Geography and Environment
Course Study Period: Autumn Term
Unit value: Half unit
FHEQ Level: Level 7
CEFR Level: Null
Keywords: Regional Economics, Economic Development, Sustainable Development, Innovation, Public Policy, Regional Policy
Total students 2024/25: 40
Average class size 2024/25: 40
Controlled access 2024/25: YesCourse selection videos
Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.
For this course, please see the following link/s:
An introduction to Global Value Chains and their importance to understand regional and local development https://youtu.be/_sY8nbtDTTY?si=4LOqKRaau_e85jSP
An introduction to Global Investment and Local Development https://youtu.be/Q4_9vd_gZE8
Personal development skills
- Self-management
- Team working
- Communication
- Application of numeracy skills
- Specialist skills