Transformation of the role of regional industrial complexes under the influence of the processes of globalization and localization

The article examines the evolution of models of functioning of world economic relations and formulates the reasons for the strengthening of the role of regional economic systems in global value chains. The factors that determined the transition from protectionism to an open economy model, the prerequisites for the activation of globalization processes at the turn of the 20th-21st centuries are identified and their replacement by processes of deregionalization at the present time are presented. The sources of competitive advantages of participants in global value chains are presented. The necessity of developing tools for regional regulation is substantiated, taking into account the new role of regions in the system of the world economy.