A territorial way out of the crisis: lessons from the Latin American experience

Abstract

Developed and emerging economies have been aff ected by the fi nancial crisis, which has complicated the functioning of the real economy. Consequently, the response has been to combine measures to recover confi dence in the fi nancial system and to strengthen bank credit and other mechanisms to improve productivity and competitiveness. Th e article argues that local development experiences in Latin América over recent decades reveal that local initiatives are useful for dealing with the problems of the crisis and economic recovery, since they lead to rising returns on investment and, as such, raise productivity and competitiveness of fi rms and territories.

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