Much of recent literature on globalization has focused on the impact of worldwide telematics, corporate globalization strategies and the rise of global economic ne t-works – tendencies which foster the disembedding of economic functions and social relationships from their locally bound contexts of interaction. In my paper I shall argue that globalization does indeed foster processes of regional disembedding. However, when looking at a city as a local or regional “socioeconomy”, some forms of re-embedding and new forms of local governance can be found at the same time. A case study of the city of Hamburg will show how globalization processes reshape the urban socio-economy in very different ways. In an empirical analysis the urban economy will be subdivided into “urban clusters ” according to their specific historical traditions and linkages as well as their different forms of integration into global, n a-tional, and local contexts. This approach will facilitate highlighting the interplay of disembedding and re-embedding processes. Globalization versus „Neo-Regionalism
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