Some famous pioneers together with the most promising new practitioners in the field show within this book how they define their subject. This is an authoritative survey of important branches of evolutionary economics, containing innovative new perspectives on market dynamics and evolutionary institutional mechanisms. The authors also tackle enduring problems in the field such as profound uncertainty and the significance of knowledge in economics. This coherent and focused book will appeal to a wide variety of scholars involved in evolutionary and institutional economics, and evolutionary theory. It will also appeal to researchers and students at advanced undergraduate and postgraduate levels.

In response to global and technological challenges, this important book highlights the continuing diversity of national institutional reconfigurations and policy reforms from an institutional economics perspective. The distinguished contributors offer a fresh and critical appraisal of three interconnected fields of research; varieties of capitalism, the new economy and new institutional deals. They discuss comparative institutional systems, institutional state and policy reform strategies, and the further development of evolutionary-institutional economic theory. This work illustrates that capitalist market economies remain persistently diverse, in spite of similar global, technological, informational, and organisational challenges. The complex character of socio-economies thus has come to the fore and, the contributors argue, causes path-dependent, open-ended and diverse reconfigurations. Dual typologies of 'market-led' vs. 'coordinated' economies, therefore, seem to be too general to reflect these different patterns. Also, diverse firms' forms, particularly MNEs as international cultural diffusion mechanisms, and 'empire' type systems are explored. This book will undoubtedly become a benchmark for the analysis of comparative institutional systems. Its appeal will be to heterodox, institutional and evolutionary economists as well as practitioners interested in policy and institutional reforms.

This book takes stock of the lessons to be learned from the experiences of different countries on their way to a transition into a unified Europe. It demonstrates how the project of a unified Europe is a social pilot project that is unique in human history, both with respect to the sheer number of people involved and with respect to the cultural diversity it aims to turn into a progressive advantage. With no historical experience at hand, the transition into a unified Europe is an exploratory process, often risky but sometimes also surprisingly successful. To improve the chances of establishing a successful unification it is particularly important that we learn from the mistakes made so far; and that we learn rapidly, since the forces working against the pilot project of Europe will gain power very fast if the unification success slows down. And as the recent developments in Greece show, the vision of the final goal itself can well change during this exciting quest. Apart from providing the pieces of a mosaic on which a more general theory can be built, this book can be read as a collection of experiences - mistakes as well as triumphs - which should help the European learning process. The structure of the book mirrors Europe's diversity: specific country studies are combined with more general chapters, and quantitatively oriented econometric work is combined with qualitatively oriented sociological studies.

The development of European unification has reached a critical stage. Despite 75 years of peace, increases in welfare, and growth since World War 2, there is now a growing scepticism of the European agenda from various quarters, most notably embodied in the exit of the United Kingdom from the European Union. To fully understand the dynamics at work, this book presents an introduction to the development of the political economy of Europe from 1900 to 2020. The first part of the book provides an overview of European economic and political history from 1900 to the present. It is clear from this history that Europe's population, and most notably its leaders, have been deeply influenced by ideology during this time. This sets the context for the second part of the book, which takes a closer look at some major paradigms framing European dynamics: (1) the market-oriented paradigm, (2) Marx's paradigm, and (3) the fascist paradigm. In this part, the essential core of each of these paradigms is presented and critiqued. In the third part, the current bottlenecks of European evolution (the migration crisis, Brexit, rise of new Fascism, the climate crisis, the COVID-19 pandemic) are investigated in the light of a possible emergence of a new scientific paradigm. Europe's role in the global division of labour - its possibility to serve as a role model for the advantages of democratically governing a highly diverse set of populations - is also explained. This book is an ideal text for students undertaking courses on the political economy of Europe in either economics or politics departments.

The development of European unification has reached a critical stage. Despite 75 years of peace, increases in welfare, and growth since World War 2, there is now a growing scepticism of the European agenda from various quarters, most notably embodied in the exit of the United Kingdom from the European Union. To fully understand the dynamics at work, this book presents an introduction to the development of the political economy of Europe from 1900 to 2020. The first part of the book provides an overview of European economic and political history from 1900 to the present. It is clear from this history that Europe's population, and most notably its leaders, have been deeply influenced by ideology during this time. This sets the context for the second part of the book, which takes a closer look at some major paradigms framing European dynamics: (1) the market-oriented paradigm, (2) Marx's paradigm, and (3) the fascist paradigm. In this part, the essential core of each of these paradigms is presented and critiqued. In the third part, the current bottlenecks of European evolution (the migration crisis, Brexit, rise of new Fascism, the climate crisis, the COVID-19 pandemic) are investigated in the light of a possible emergence of a new scientific paradigm. Europe's role in the global division of labour - its possibility to serve as a role model for the advantages of democratically governing a highly diverse set of populations - is also explained. This book is an ideal text for students undertaking courses on the political economy of Europe in either economics or politics departments.

The world is in turmoil, the dynamics of political economy seem to have entered a phase where a 'return to normal' cannot be expected. Since the financial crisis, conventional economic theory has proven itself to be rather helpless and political decision makers have become suspicious about this type of economic consultancy. This book offers a different approach. It promises to describe political and economic dynamics as interwoven as they are in real life and it adds to that an evolutionary perspective. The latter allows for a long-run view, which makes it possible to discuss the emergence and exit of social institutions. The essays in this volume explore the theoretical and methodological aspects of evolutionary political economy. In part one, the authors consider the foundational contributions of some of the great economists of the past, while the second part demonstrates the benefits of adopting the methods of computer simulation and agent-based modelling. Together, the contributions to this volume demonstrate the richness, diversity and great explanatory potential of evolutionary political economy. This volume is extremely useful for social scientists in the fields of economics, politics, and sociology who are interested to learn what evolutionary political economy is, how it proceeds and what it can provide.

The world is in turmoil, the dynamics of political economy seem to have entered a phase where a 'return to normal' cannot be expected. Since the financial crisis, conventional economic theory has proven itself to be rather helpless and political decision makers have become suspicious about this type of economic consultancy. This book offers a different approach. It promises to describe political and economic dynamics as interwoven as they are in real life and it adds to that an evolutionary perspective. The latter allows for a long-run view, which makes it possible to discuss the emergence and exit of social institutions. Evolutionary Political Economy in Action consists of two parts. Part I provides a broad range of issues that show how flexible evolutionary political economy can handle acute policy problems in Europe: should Europe support the revived build-up of NATO forces on its Eastern border, or should it rather aim at economic cooperation with Russia? How can democracy for a whole continent be reasonably further developed; what is the role of economies of scope? Do the new protest movements against inequality provide alternatives? What could a vision for a unified, socioecological Europe look like? Part II takes a closer look at Cyprus and Greece, where the problems of the financial crisis have been exacerbated by the 'solutions' imposed on them by the troika. In all of these essays, the authors demonstrate the unique insights which can be garnered from adopting an evolutionary political economy approach and consider the real solutions that such an approach points towards. This volume is extremely useful for social scientists in the fields of economics, politics and sociology who are interested to learn what evolutionary political economy is, how it proceeds and what it can provide.

Recent developments in the global economy, such as the Greek budget crisis, have led to new focus on the role of Europe, and in particular on the countries in Europe's south-eastern region. This new volume from a global set of contributors explores south-east Europe's present and future direction, placing it in the context of the history of the region since the end of the Second World War. Through an exploration of Europe's cultural and political economy, this volume argues that the south-east part of Europe is currently the most crucial component of Europe's future development. The book charts the post-World War Two 'evolution' of the continent, taking in such key turning points as the 1971 breakdown of the fixed exchange rate system, the breakdown of the Soviet Union in the 1990s, and the 2008 global financial collapse. In doing so, the book seeks to explain why and how the current events in south-east Europe and the Eastern Mediterranean can be seen as the weakest points in the wider capitalist system in Europe, and how the issues faced by these regions can provide insight into a possible re-design of European governance. Including a comprehensive editorial introduction, this timely and important book is fully up to date with recent global events, including the 2011 Arab Spring, and provides context and comparison with the countries in the EU.

Recent developments in the global economy, such as the Greek budget crisis, have led to new focus on the role of Europe, and in particular on the countries in Europe's south-eastern region. This new volume from a global set of contributors explores south-east Europe's present and future direction, placing it in the context of the history of the region since the end of the Second World War. Through an exploration of Europe's cultural and political economy, this volume argues that the south-east part of Europe is currently the most crucial component of Europe's future development. The book charts the post-World War Two 'evolution' of the continent, taking in such key turning points as the 1971 breakdown of the fixed exchange rate system, the breakdown of the Soviet Union in the 1990s, and the 2008 global financial collapse. In doing so, the book seeks to explain why and how the current events in south-east Europe and the Eastern Mediterranean can be seen as the weakest points in the wider capitalist system in Europe, and how the issues faced by these regions can provide insight into a possible re-design of European governance. Including a comprehensive editorial introduction, this timely and important book is fully up to date with recent global events, including the 2011 Arab Spring, and provides context and comparison with the countries in the EU.

This book takes stock of the lessons to be learned from the experiences of different countries on their way to a transition into a unified Europe. It demonstrates how the project of a unified Europe is a social pilot project that is unique in human history, both with respect to the sheer number of people involved and with respect to the cultural diversity it aims to turn into a progressive advantage. With no historical experience at hand, the transition into a unified Europe is an exploratory process, often risky but sometimes also surprisingly successful. To improve the chances of establishing a successful unification it is particularly important that we learn from the mistakes made so far; and that we learn rapidly, since the forces working against the pilot project of Europe will gain power very fast if the unification success slows down. And as the recent developments in Greece show, the vision of the final goal itself can well change during this exciting quest. Apart from providing the pieces of a mosaic on which a more general theory can be built, this book can be read as a collection of experiences - mistakes as well as triumphs - which should help the European learning process. The structure of the book mirrors Europe's diversity: specific country studies are combined with more general chapters, and quantitatively oriented econometric work is combined with qualitatively oriented sociological studies.

The world is in turmoil, the dynamics of political economy seem to have entered a phase where a 'return to normal' cannot be expected. Since the financial crisis, conventional economic theory has proven itself to be rather helpless and political decision makers have become suspicious about this type of economic consultancy. This book offers a different approach. It promises to describe political and economic dynamics as interwoven as they are in real life and it adds to that an evolutionary perspective. The latter allows for a long-run view, which makes it possible to discuss the emergence and exit of social institutions. The essays in this volume explore the theoretical and methodological aspects of evolutionary political economy. In part one, the authors consider the foundational contributions of some of the great economists of the past, while the second part demonstrates the benefits of adopting the methods of computer simulation and agent-based modelling. Together, the contributions to this volume demonstrate the richness, diversity and great explanatory potential of evolutionary political economy. This volume is extremely useful for social scientists in the fields of economics, politics, and sociology who are interested to learn what evolutionary political economy is, how it proceeds and what it can provide.

The world is in turmoil, the dynamics of political economy seem to have entered a phase where a 'return to normal' cannot be expected. Since the financial crisis, conventional economic theory has proven itself to be rather helpless and political decision makers have become suspicious about this type of economic consultancy. This book offers a different approach. It promises to describe political and economic dynamics as interwoven as they are in real life and it adds to that an evolutionary perspective. The latter allows for a long-run view, which makes it possible to discuss the emergence and exit of social institutions. Evolutionary Political Economy in Action consists of two parts. Part I provides a broad range of issues that show how flexible evolutionary political economy can handle acute policy problems in Europe: should Europe support the revived build-up of NATO forces on its Eastern border, or should it rather aim at economic cooperation with Russia? How can democracy for a whole continent be reasonably further developed; what is the role of economies of scope? Do the new protest movements against inequality provide alternatives? What could a vision for a unified, socioecological Europe look like? Part II takes a closer look at Cyprus and Greece, where the problems of the financial crisis have been exacerbated by the 'solutions' imposed on them by the troika. In all of these essays, the authors demonstrate the unique insights which can be garnered from adopting an evolutionary political economy approach and consider the real solutions that such an approach points towards. This volume is extremely useful for social scientists in the fields of economics, politics and sociology who are interested to learn what evolutionary political economy is, how it proceeds and what it can provide.