The Concept of Territorial Capital: A Revolution or an Evolution in the Perspective of Local and Regional Development?

Abstract

The purpose of the article is to theoretically analyse the nature and characteristics of territorial capital. The article examines the conceptual framework of this notion to identify its originality and added value. The applied research method is literature review. The concept of territorial capital amalgamates numerous findings from endogenous approaches to development. Its originality derives from a holistic and complementary perspective on territorial resources, which give rise to new development trajectories and foster territorial specificity. This concept emphasises the significance of network relationships and the intangibility of resources, along with their embeddedness. It highlights the importance of place specificity and territorial capabilities in creating new values and resources. It forms the basis for place-based development policy.

Keywords

• territorial development
• territorial capital
• place-based policy
• endogenous development
• cohesion policy