Economic integration and globalization are mega-trends of the world economy.Economic decision-making is devolving downwards to sub-national units.At the same time,some part of this power has also moved upwards to multiregional organizations,e.g.the EU,due to integration.Knowledge intensive regions,e.g.Silicon Valley or New York in the U.S.,are winners of the global agglomeration economies.They are often the hosts of MNC headquarters.The growth of MNCs in number has been remarkable,from 7,000 in 1969 to 100,000 in 2014(UNCTAD).
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