Based on modern economic theories and their comparative analysis, the role and essence of localism and its derived phrases formed under the influence of globalization and regionalization of the world economic space are clarified. The authors highlight the methodological foundations of localization, transformation of homogeneous and heterogeneous structures of modern regions, instruments of regional and local security and many other developments. Modern trends in the development of local areas in particular and localism in general are highlighted. The advantages and risks of global localization (new organizational design, cost optimization, global hubizm, growing singularity) are identified. The paper argues that parameterization and platformization are the important identification base of localization, which allow local governments to choose the appropriate development strategies (expansion, narrowing, cybernetic). Systematic analysis and generalization of different points of view by mostly foreign authors allow defining localism as a systemic ideology, methodology and practice of hyperconcentration of entrepreneurial and governmental activities within the traditional economic space (linear level), office-entrepreneurial and entertainment business in the form of multi-storey modules and systems (vertical level), as well as digitized networks and nodes (virtual level). Therefore, the paper concludes that localization should be understood as a complex multistructural economic and sociocultural process of microregions development and harmonization with the help of selective regulatory instruments, as well as a verified model of competitive relations between individual taxonomic units. Authors argue, that the modern process of localization is under the influence of creativity, westernization, cosmopolitanization, clustering, intellectualization and collaboration, the systemic influence of which will contribute to the formation of one of the possible strategies of economic activity. At the applied level, European regional localization design is represented by the ever-increasing amount of funding from the European Regional Development Fund. The article identifies the features of the European local-regional taxonomy and shows the role of EU mechanisms and tools in the process of regulating the development of local models. 

globalism, regionalism, localism, locality, NUTS, EU 

Peculiarities of formation of the city economy development methodological foundations are examined. In accordance with the principle of historicism and based on the representation of the major research schools, a new classification of theoretical approaches to the driving forces of cities’ role transformation in the global economy is proposed. 

agglomeration, urban development theories, urban framework, economic activity localization theory