Although the term "space economy" has been in existence for over 30 years, it remains an untheorized concept and little more than an assertion that economic relations exist within a spatial domain. In an attempt to recreate a specific context for the use of the term space economy, we examine the production relations and social interactions existing in the initial period of industrialization within particular communities. We argue that the determination of social relations by a particular form of production and the purposive actions of individuals and collectivities, plus the subsequent impact of these relations upon future forms of production and reproduction, constitutes a meaningful use of the term space economy.