IV. The Place
Some countries are geographically disadvantaged. Recent studies have demonstrated how being landlocked or having a tropical climate carry a hefty price tag in terms of reduced economic growth. These unfavorable circumstances can be described as “natural discounts” to a country’s price.
What can be done to overcome such negative factor endowments?
In classical microeconomics, the element of “place” in the marketing plan used to refer to the locus of delivery of the product or service. Well into the 19th century, the “place” was identical to the region where the product was manufactured or the service rendered. In other words, textiles weaved in India were rarely sold in Britain. American accountants were unlikely to practice in Russia. Distribution was a local affair and networks of dissemination and marketing were geographically confined.
A host of historical and technological developments drastically altered the scene and frayed the straitjacket of geography.
The violent disintegration of the old system of geopolitical alliances led to the formation of massive, multiplayer trading blocs...
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