Localnomics: myth or reality! : Editorial

Purpose – The purpose of this paper is to refute the proposition that in today's global economy “local is the new global.” It provides a logical argument that a passing economic trend should not be viewed independent of circumstances. Design/methodology/approach – The paper briefly discusses changes in the global economic landscape and identifies factors that are essential to sustaining market attractiveness and achieving a competitive edge. The paper then concludes that certain markets acquire an edge in appealing to businesses and attracting FDI. Findings – When companies, under certain conditions, relocate their businesses back home, this does not evidence a retreat from the global market. Rather, it demonstrates a change in strategic initiative to seize market opportunities and effectively deal with competition. Originality/value – The paper offers a genuine reflection on emerging economic phenomena. It sets the stage for an effective argument to counter the voices that seize on current global economic difficulties and meltdown to promote disengagement from the global economy.