Globalization has strongly affected the prospects of local and regional development over the past three decades. Economic development across countries is changing dynamically, thus countries and regions that were at the top of the table 30 years ago have lost their leading role (e.g., Piedmont and Tuscany in Italy, the Midlands in England), whilst others that were lagging behind have made significant steps forward (e.g., metropolitan regions in Poland, Hungary and Czechia in Europe, Malaysia, Thailand, and Colombia overseas).
In this piece of research, we take a systematic look at new trends, problems and drivers of the evolution and competitiveness of clusters in globalized markets in general and global value chains (GVCs) in particular. In this way, the prospects of local and regional development are discussed more thoroughly, giving attention to all the key constraints, potentials and opportunities.