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Takes a strong position on a number of issues pertaining to the need to reorient priorities of economic development policies in accordance with the current, and widely misunderstood socio-economic framework of "globalization". In highlighting the significance of endogenous human capital for innovative entrepreneurship, the key to sustainable regional development, the work depicts basic socio-institutional and political problems in promoting it. These problems are compounded by the globalization processes. All signs point to a rapid and uncontrolled amassing of wealth and power by international corporate and financial oligarchies which have, to a great extent and with the help of neo-liberal economic policies, emancipated themselves from national and democratic control, and which have succeeded in superseding market forces by organizing and controlling the markets themselves. In view of trends increasing interregional socio-economic disparities induced by globalization, the need to "tame" globalization in the interest of sustainable regional employment and development is addressed.