2021 (18), №2

What is the Economic Nature of Territorial Capital?

For citation: 

Suvorova, A. V. (2021). What is the Economic Nature of Territorial Capital? Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 18(2), 226-238. https://doi.org/10.31063/2073-6517/2021.18-2.5

Abstract:

The article aims to identify and describe the key properties of territorial capital underlying its economic nature. First, the concept of territorial capital is considered. This allows us to create a theoretical framework to develop a viable approach to the choice of directions and measures for enhancing the competitive potential of a territory. Conceptually, the study relies on economic theory and regional economics, which includes the cause-and-effect method, methods of analysis and synthesis, and the method of scientific abstraction. The article summarizes and systematizes the approaches to understanding capital, proposed by the main economic schools and doctrines. The key features of capital are described. It is shown that the existing interpretations of territorial capital tend to focus only on one of its features, e.g. the features of its individual components and connections between them, the specifics of capital formation, or the benefits it allows to receive. Such focus determines the choice of the aspects that need to be developed. It is, however, essential to integrate all of the above in order to consider territorial capital in the three stages of its development — formation, existence and generation of effects. The results of the study can be used for further research in this field, e.g. for further elaboration of the concept of territorial capital and its structural features. They can also be of interest to the authorities of different levels responsible for the strategic management of territorial development.

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Arina V. Suvorova — PhD in Economics, Deputy Director for Research, Institute of Economics of the Ural Branch of RAS (Ekaterinburg, Russian Federation; e -mail: suvorova.av@uiec.ru).

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