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Recently, the international division of labour in industrial production has grown increasingly more volatile. The separation between 'high-end' tasks undertaken in the traditional core economies and 'low-end' tasks undertaken in newly emerging economies has become increasingly blurred. The new dynamics and unpredictability of actor and process configurations in internationalized production bring new challenges for research in economic geography, regional economics and management sciences. The allocation of R&D and production mandates within or between enterprises, the setting up, closing down, purchase or sale of subsidiaries at different localities, the shifting patterns of collaborative innovation, together with newly evolving forms of capitalism, all appear to interact in ways not seen before. It appears we have entered a new era termed 'industrial transition'. This book forms the first approach toward conceptualising the term and compiling illustrative empirical underpinnings. Contributions by an international set of renowned economic geographers highlight the major features and case studies of 'industrial transition' and address various questions that matter for the future of our global economy: How are regions and localities affected by the shift of product mandates? In which ways do changes differ between industrial sectors and economic regions? How can regions and localities adequately prepare for or react to foreseeable changes; and how can regional resilience and response capacities be built and enhanced?