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Perhaps one of the less-understood phenomena accompanying the increased globalization during the first decade of the 21st century has been a shift in the comparative advantage of high-wage countries towards knowledge-based economic activity. An important implication of this shift in this comparative advantage is that much of the production and commercialization of economic knowledge is less associated with footloose multinational corporations and more associated with high-tech innovative regional clusters, such as Silicon Valley in California, the Cambridge area in the UK, and the Montpellier area in France.
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