THEORETICAL FOUNDATIONS OF REGIONAL DEVELOPMENT
DOI:
https://doi.org/10.60078/2992-877X-2025-vol3-iss9-pp380-388Abstract
The article examines the theoretical foundations of regional development, analyzing the stages of the formation of its concepts and contemporary approaches. In addition to traditional theories of convergence and divergence, and the core–periphery model, modern concepts such as endogenous growth, innovation, and clustering are also considered. Particular attention is given to the role of financial mechanisms and public finance in promoting regional development, as well as the importance of institutional and organizational frameworks in enhancing their effectiveness. It is emphasized that, under current conditions, the most effective path to regional development is an integrative approach that harmonizes economic, social, political, and cultural factors. Accordingly, the article scientifically substantiates the principles of targeted and efficient use of financial instruments to ensure regional prosperity and sustainable economic growth.
Keywords:
regional development financial mechanisms convergence divergence core periphery model endogenous growth theory innovationReferences
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