What are the economic prospects of European regions in a globalizing world? One view suggests that European regions will be overwhelmed by global forces; another suggests the rise of a new localism leading to a Europe of the regions. This book argues that neither account is correct and suggests another scenario. The authors offer detailed accounts of the local economies of Baden Wurttemberg, Emilia-Romagna, Switzerland, and Eastern Germany amongst others to support their view. In so doing they discuss a number of important and topical issues: industrial districts and their distinctiveness, organizational flexibility, regional economic planning, and the role of transnational companies.