New Horizons in Institutional and Evolutionary Economics series – serie

This insightful book offers a new way of looking at the arts, culture and the creative industries from the perspective of evolutionary economics.The creative industries are key drivers of modern economies. While economic analysis has traditionally advanced a market-failure model of arts and culture, this book argues for an evolutionary market dynamics or innovation-based approach. Jason Potts explores theoretical and conceptual aspects of an evolutionary economic approach to the study of the creative economy. Topics include creative businesses and labor markets, social networks, innovation processes and systems, institutions, and the role of creative industries in market dynamics and economic growth.Written by a leading academic expert in the field, this highly regarded compendium will prove essential for researchers and students of creative industries, cultural economics and evolutionary economics.Contents: 1. Introduction; 2. Cultural Economics vs Economics of Creative Industries; 3. Young, Creative and Extremely Rich; 4. Evolutionary Economics of Creativity; 5. Creativity under Competition and the Problem of Overshooting; 6. Creative Labour Markets and Signalling; 7. Identity Dynamics and Economic Evolution; 8. Social Network Markets; 9. Creative Industries Over an Innovation Trajectory; 10. Fashion and Economic Evolution; 11. Capitalism, Socialism and Culture; 12. Four Models of the Creative Industries; 13. Creative Clusters; 14. Novelty Bundling Markets; 15. Creative Industries and Economic Development; 16. Conclusion; References

Placing himself at the crossroads of economics, law, and sociology, Christian Bessy investigates the contemporary transformation of intellectual property rights (IPR) with the emergence of new conventions for their valuation. He demonstrates how entities previously considered inappropriate have now become the object of property rights by means of a creeping legal codification.The book examines how the extension of IPRs has given rise to new forms of expropriation of the wealth produced, allowing companies to protect their investments in intangible assets. Presenting an original basis of legal disputes and decisions concerning the attribution of IPRs, chapters illustrate that patents are at the heart of the economic development of multinationals, start-ups, and the rise of new technologies. Bessy traces the contours of the appropriation of intellectual creation and the new class of lawyers who participate in it, drawing a portrait of contemporary capitalism in which the grip of law threatens the pioneers of innovation.Challenging the mainstream thinking dominating the theoretical literature on IPRs, Expropriation by Law will be an essential text for postgraduate students and researchers of the economics of innovation and IP law. Its original empirical analysis will also prove insightful to industrial economists, policymakers, IP lawyers and innovation managers in cultural and creative industries.

Capitalism is driven by technological revolutions, leading to alternating periods of regulation and deregulation in leading economies. Technologically backward countries face a different situation as they have to catch up with the leaders. Against this backdrop, Theo van de Klundert examines the relationship between capitalism and democracy, combining economic theory and historical description to analyse long-run economic development. Emphasis is placed on the interrelation between economic and political power, and a robust state-of-the-art overview of today's political economy is presented.The author addresses two fundamental questions raised in the analysis of the relationship between capitalism and democracy. Firstly, he explores why capitalism in leading economies is characterized by alternating periods of regulation and deregulation, and secondly, whether developing countries can opt for different types of capitalism once the potential for catching up with developed countries has expired. The consequences of a shift in the balance of power in the global economy are also considered in detail.Broad in scope and employing various methodological approaches, this book will prove a fascinating read for academics, students and researchers in the fields of economics and heterodox economics.

In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains - infrastructural capital such as institutions, public knowledge, and networks - can help explain the long-term development of cities and nations. This is a crucial book for spatial and institutional economists and anyone working outside the neoclassical mainstream. Academics and students of economic history, urban and regional planning, and economic sociology will also find it an illuminating and accessible exploration of time, space and capital.

In this thought-provoking book, Bart Nooteboom offers a radical critique of the principal intellectual and moral assumptions underlying economic science, unravelling the notion of markets: how they work and fail, and how they may be redirected to better serve us.Initially, the inadequacy of economic science in the wake of recent financial and economic crises is outlined. Few economists predicted the crises and subsequent economic thought has been nebulous, failing to apprize guidance, understanding and prevention for the future. Established practices in finance and business continue regardless, and confusion has bred among policy makers, the public, and even economists on what markets actually are. Bart Nooteboom employs an Aristotelian virtue ethic, with a view to multiple dimensions of 'the good life', upturning the utilitarian ethic that dominates economic science and modern politics. The critique makes a corrective-turn, transforming economic thought into an integrative, ethical and interdisciplinary behavioral science of markets.Nooteboom's interdisciplinary approach makes this book an appealing read to economists, sociologists and political scientists with an interest in market processes. People concerned about how markets are developing and policy makers will welcome this topical work to gain fresh insights into collaborative and ethical market policy. This timely book will vitalize debate about markets, what they do and how they may work better.

In this thought-provoking book, Bart Nooteboom offers a radical critique of the principal intellectual and moral assumptions underlying economic science, unravelling the notion of markets: how they work and fail, and how they may be redirected to better serve us.Initially, the inadequacy of economic science in the wake of recent financial and economic crises is outlined. Few economists predicted the crises and subsequent economic thought has been nebulous, failing to apprize guidance, understanding and prevention for the future. Established practices in finance and business continue regardless, and confusion has bred among policy makers, the public, and even economists on what markets actually are. Bart Nooteboom employs an Aristotelian virtue ethic, with a view to multiple dimensions of 'the good life', upturning the utilitarian ethic that dominates economic science and modern politics. The critique makes a corrective-turn, transforming economic thought into an integrative, ethical and interdisciplinary behavioral science of markets.Nooteboom's interdisciplinary approach makes this book an appealing read to economists, sociologists and political scientists with an interest in market processes. People concerned about how markets are developing and policy makers will welcome this topical work to gain fresh insights into collaborative and ethical market policy. This timely book will vitalize debate about markets, what they do and how they may work better.

The ecological study of firms has often been restricted by the approaches commonly used in organizational ecology. Uniquely, Colin Jones and Gimme Walter use autecology to explain the selective survival of all manner of firms that researchers, customers and resource providers encounter daily. It is the first work to unite views on the topic previously considered 'alternative', while remaining compatible with most theories of the firm.Autecology encourages researchers to contextualize ecological processes of firms, namely, their adaptive behaviors, the structure and dynamics of the environment, and their environmental interactions. This book emancipates the firm and its actors from a host of environmental assumptions that they are thought to share with others. In doing so, the authors explain how and why firms can and should be investigated on an ecological level. Drawing upon the historical and contemporary renaissance of autecological thought, this book elevates the ecological independence of the firm and its actors' agency to solve problems in its environment. This study provides the means to consolidate the ecological study of firms and, more broadly, other forms of ecological study beyond the domain of social studies. This book will appeal to organizational and managerial researchers, sociologists, and anthropologists, given the manner in which human agency is promoted in an ecological context. Researchers interested in critical realism will also find this an engaging work.

Law and economics are interdependent. Using a historical case analysis approach, this book demonstrates how the legal process relates to and is affected by economic circumstances. Glen Atkinson and Stephen P. Paschall examine this co-evolution in the context of the economic development that occurred in the nineteenth and early twentieth centuries as well as the impact of the law on that development. Specifically, the authors explore the development of a national market, the transformation of the corporation, and the conflict between state and federal control over businesses. Their focus on dynamic, integrated systems presents an alternative to mainstream law and economics.The authors apply John R. Commons's approach to three main law and economics issues: the changing relationship between corporations and the State, the application of the Commerce Clause and the Fourteenth Amendment of the U.S. Constitution to state and federal regulation of business, and the relationship of antitrust law to industrialization. They provide a valuable linking of law with changing economic circumstances, such as antitrust policy changes and the development of the corporate form. This analytical approach to the practice of law and economics will be of interest to researchers, students, and faculty in law and economics, economic history, constitutional law, economic regulation, public policy, and the sociology of law. Business students and researchers will also find value in this book's presentation of court decisions and exploration of economic development.

Offering the first scholarly analysis of the economic nature of blockchains and the formation of the blockchain economy, this timely book explores the future of global capitalism. Applying the institutional economics of Ronald Coase and Oliver Williamson, the authors highlight how blockchains are poised to reshape the nature of firms, governments, markets and civil society.Chapters apply basic economic principles to explore blockchains and distributed ledger technologies through the framework of institutional economics. The book suggests ways in which cryptocurrencies such as Bitcoin may develop further in the future, bringing us back to a barter economy which removes the need for a third person in economic transactions. Outlining a ledger-centric view of the economy, the authors explore how blockchains and dehierarchalisation will reduce the demand for government regulation.Institutional economists and scholars will greatly appreciate the thorough analysis of the development of institutional cryptoeconomics and insight into the future of blockchains that this book offers. Computer and technology scientists will also find this book to be a valuable read, as well as those working specifically in the blockchain industry.

This insightful book traces the evolution of corporate power in the United States, from social control over corporate power under early state laws to the modern liberation of the corporation serving primarily private purposes. It illustrates how the transition of attitudes towards corporations and dynamic changes in public policy have ushered in an age of financial fragility, income inequality and macroeconomic instability.The book employs an evolutionary methodology to consider the role of the corporation in the US economy, and how that role as a tool for public purposes, defined by special charters, changed with the widening of markets and increasing industrial capacity for mass production. Evaluating the stages of capitalist development, chapters demonstrate how the co-evolution of law, economics and finance altered economic organization, leading to the evolution of core economic concepts such as capital, income and resources. The book examines the transition of corporate purpose towards generating wealth and enhancing profits in the early twentieth century and analyzes recent trends through illuminating case studies in financialization. It concludes with crucial insights into the future of the corporation, offering potential pathways for economists to intervene and address the systemic problems that are endemic to the modern financial era.A rousing and provocative call to arms for modern economists, this book is key reading for scholars and researchers of economics, particularly those focusing on the evolution of economic and business institutions and its impact on the social fabric of the US. Practitioners and policymakers will also benefit from its empirical perspectives on financialization.

Offering the first scholarly analysis of the economic nature of blockchains and the formation of the blockchain economy, this timely book explores the future of global capitalism. Applying the institutional economics of Ronald Coase and Oliver Williamson, the authors highlight how blockchains are poised to reshape the nature of firms, governments, markets and civil society.Chapters apply basic economic principles to explore blockchains and distributed ledger technologies through the framework of institutional economics. The book suggests ways in which cryptocurrencies such as Bitcoin may develop further in the future, bringing us back to a barter economy which removes the need for a third person in economic transactions. Outlining a ledger-centric view of the economy, the authors explore how blockchains and dehierarchalisation will reduce the demand for government regulation.Institutional economists and scholars will greatly appreciate the thorough analysis of the development of institutional cryptoeconomics and insight into the future of blockchains that this book offers. Computer and technology scientists will also find this book to be a valuable read, as well as those working specifically in the blockchain industry.

Historically, alternative models of the employment relationship have developed across culturally diverse nation states. However, the trend towards globalization incorporates a powerful force towards an international uniformity of employment relations. Underlying the issues addressed in this book is the question of how important cultural differences are and will continue to be.Ferrie Pot analyses the impact of national culture on the way the employment relationship is organized using case studies from the United States and the Netherlands. Evidence from these countries suggests that nations respond to globalization in line with their cultural values. As such, this book challenges the widespread belief that global trends will lead to the homogenization of the employment relationship.

The rise of the institutionalist and evolutionary approaches in economics has posed a serious intellectual challenge to the dominant neo-classical paradigm. This book draws together leading scholars in the fields of institutional and evolutionary economics who apply cutting-edge research to one of the most controversial issues of our day, namely, the role of the state.The authors offer a sound methodological guide to the research in this fast-evolving area of economics. They provide a firm theoretical foundation for the role of the state and review the history of policy making. They also use country studies to reinforce their approach, including the role of the state in the Asian Crisis, the current debate on state reform in Japan, public administration in Central and Eastern Europe and the practice of state reform in Brazil. This book will inspire readers to reassess their views on the role of the state and state reform.

For individual actors involved in economic activities (i.e. production, exchanges), conventions and structures represent two different types of opportunity or constraint. Conventions refer to values, rules and representations that influence economic behaviour. Structures refer to patterns of resource interdependencies existing among members of any social system. This book contributes to the current rapprochement between economics and sociology. It examines the fact that individuals use rules and interdependencies to forward their own interests, while living in social environments where everyone does the same. The authors argue that to construct durable organizations and viable markets, they need to be able to handle both. However, thus far, economists and sociologists have not been able to reconcile the relationship between these two types of constraints on economic activity. Conventions and Structures in Economic Organization seeks to bridge this gap and will appeal to students and scholars in both economics and sociology, offering them new ideas about how they can co-operate in unsuspected ways and combine their interdisciplinary efforts.

This highly innovative and original book proposes evolutionary microeconomics as a synthesis of the collective schools of heterodox economic thought with complex systems theory and graph theory. The book charts a research programme for evolutionary economics that encompasses the theory of dynamic efficiency and emergence in markets, a computational model of the learning and interacting agent, a competence based theory of the firm and the household, and, via a theory of expectations and plans, an agent-based foundation to macroeconomics.Principally a work of meta-theory, The New Evolutionary Microeconomics argues for a radical refocus of microeconomic research toward the evolutionary nature of institutions, preferences, technology and knowledge.This challenging new book should prove timely and important for evolutionary and computational economists as well as those in the fields of managerial economics, business studies and marketing.

Evolutionary Economic Thought explores the theoretical roots of the evolutionary approach, and in so doing, demonstrates how it fits squarely into the theoretical mainstream. Focusing on the institutions of evolutionary change and the processes - such as competition - that generate change, this book takes account of important European contributions to the discipline, hitherto overshadowed by the American paradigm. As such, the book serves to broaden the current discourse. Whilst evolutionary economics itself is a well-researched and widely documented field, this book will be credited with establishing a history of evolutionary economic thought.The contributors attempt to answer an important set of questions on how economies develop, using the theories of social economists such as Hobson, Marx, Menger, Schmoller, Sombart and Wagner. Historical, empirical, and theoretical perspectives on evolutionary economic change are also drawn upon. This highly original book will appeal to those with an interest in evolutionary economics, economic development and the history of economic thought.

This highly innovative and original book proposes evolutionary microeconomics as a synthesis of the collective schools of heterodox economic thought with complex systems theory and graph theory. The book charts a research programme for evolutionary economics that encompasses the theory of dynamic efficiency and emergence in markets, a computational model of the learning and interacting agent, a competence based theory of the firm and the household, and, via a theory of expectations and plans, an agent-based foundation to macroeconomics.Principally a work of meta-theory, The New Evolutionary Microeconomics argues for a radical refocus of microeconomic research toward the evolutionary nature of institutions, preferences, technology and knowledge.This challenging new book should prove timely and important for evolutionary and computational economists as well as those in the fields of managerial economics, business studies and marketing.

This volume investigates the relationship between economic globalization and institutions, or global governance, challenging the common assumption that globalization and institutionalization are essentially processes which exclude each other. Instead, the contributors to this book show that globalization is better perceived as a dual process of institutional change at the national level, and institution building at the transnational level. Rich, supporting empirical evidence is provided along with a theoretical conceptualization of the main actors, mechanisms and conditions involved in trickle-up and trickle-down trajectories through which national institutional systems are being transformed and transnational rules emerge.The book collectively argues that transnational institution building is one of the most striking features of the current period of internationalization. As a consequence, debates concerning globalization and global governance have to be reformulated. The authors posit that globalization is not threatening governance, but in fact globalization reflects a particular type of governance. The dilemma, therefore, is not between globalization and institutions, but between different meanings of governance and the balance that should be reached between them.Globalization and Institutions will be of special interest to academics and scholars of institutional economics, globalization and management. However, with its focus on two key debates for which there is clearly rising interest, many social scientists will find the book of interest.

This book presents a concept of interactive economic institutions and systems, considered by the author to be a bottleneck to scientific progress. In the author's evaluation of contemporary institutional economics, the focus is on the interaction of complex economic structures in terms of their coordination routines, emergent behavioural characteristics and also their economic performance. Differences of behaviour characteristics and economic performances are explained as consequences of differently structured coordination routines. The book demonstrates that complexity, rather than being part of the problem of institutional analysis, can be made part of the solution.Economic Institutions and Complexity will appeal to academics and researchers of New Institutional Economics, microeconomics, evolutionary economics, political science, organization sociology and behavioural science.

The notion and interpretation of path dependence have been discussed and utilized in various social sciences during the last two decades. This innovative book provides significant new insights onto how the different applications of path dependence have developed and evolved.The authors suggest that there has been a definite evolution from applications of path dependence in the history of technology towards other fields of social science. They also discuss the various definitions of path dependence (strong or weak) and explore the potential applications of path dependence in new areas such as political economy and economic geography.With new perspectives on how the debate surrounding path dependence has evolved, this book will strongly appeal to postgraduate students and scholars of economic history, economic geography, political science and business studies.

This important book analyses evolutionary approaches to economic policy. Its main purpose is to explore the policy implications of evolutionary economics, in particular of approaches inspired on the one hand by Schumpeter and revived by Nelson and Winter which deal with industrial evolution under constant institutions and, on the other hand, of approaches inspired by Hayek and North, which analyse the ways in which institutions themselves evolve. Hitherto evolutionary economists have paid little attention to policy issues, and the relatively few policy implications that they have produced are divergent. Whereas the Neo-Schumpeterian approach has often been used to support political interventions, the Hayekian viewpoint holds that economic policy detracts from economic performance. More systematic evolutionary analysis of economic policy is required if these one-sided findings are to be transcended. Furthermore, such analysis can be expected to develop a coherent theory of economic policy which will plug the gaps and rectify the errors (such as approval of socialist planning and Japanese industrial policies) of both neoclassical and alternative approaches to policy. Evolutionary economists and policy analysts will find this book of great interest, as will economists and students of economics who are interested in enlarging their views with excursions outside the standard curriculum.

The formation of preferences is an elusive subject that many social scientists, and especially economists, have tended to avoid. In this original new book, Wilfred Dolfsma combines institutional economics with insights from the other social sciences to analyse the way in which preferences are formed in a social context.The author demonstrates how preferences for specific goods, and symbolic goods in particular, are mediated through the institutional settings that both individuals and groups find themselves in. He develops a Social Value Nexus, which indicates how institutions relate to the socio-cultural values of a society. He goes on to argue that tensions at the institutional or socio-cultural level will alter the institutional setting and therefore affect preferences. The sudden and radical change in consumption patterns for music in the late 1950s and early 1960s provides convincing evidence of the author's claim. By focusing on an event with great societal significance and using unique empirical material, he skilfully elucidates the theoretical arguments made in the book.This study offers both a novel explanation of the formation of preferences and a significant elaboration of the economic theory of institutional change. It will engage and enlighten scholars and students of the social sciences, especially those with an interest in consumption, institutional economics, cultural studies and sociology.

The Evolution of Scientific Knowledge aims to reach a unique understanding of science with the help of economic and sociological theories. The economic theories used are institutionalist and evolutionary. The sociological theories draw from the type of work on social studies of science that have, in recent decades, transformed our picture of science and technology.Science - and more broadly research - is a field where economics and sociology meet in an attempt to understand how complex organizations emerge and work. While the authors argue that science is neither an institution nor an order that emerged as the result of conscious and willful design, nor is it like a 'normal' market, they also acknowledge that science has aspects of market orders and aspects of orders created by design. Furthermore, science develops in specific ways that are to some extent like the development of economic systems, and at the same time are very different. This fascinating book will be of great interest to economists, philosophers, historians and sociologists by focussing on a multidisciplinary understanding of science.

The economics of energy has been a contested issue over the past century. Although it has not figured prominently in mainstream economics, numerous alternative proposals have called for energy to play a more central role in economic theory. In this highly original and enlightening volume, Guido Buenstorf develops a new conceptual approach to the economics of energy which originates from recent advances in evolutionary economics.The book proposes a non-reductionist, evolutionary approach to the economics of energy and sets out by asking how energy use in production contributes to the use value of goods. Based on a sequential production framework, the author re-interprets the notion of factors of production, identifies long-term patterns of change in energy use, and highlights the role of technical interdependence in adopting new energy technologies. This approach is then applied to three historical cases of energy innovation: the transition from wood to coal, the introduction of the steam engine, and the electrification of industrial production. Academics and researchers in the fields of evolutionary economics, ecological economics and innovation will welcome this fresh and illuminating interpretation of the economics of energy and its role in the process of production.

The authors of this book link productivity change, trade competitiveness, networks of interaction and cooperation and income growth in developing Asian countries with the complex evolutionary processes of economic development and international trade. They take an innovative approach to simulating the complex micro-dynamics of competitiveness in order to distinguish those trade-related microeconomic dynamics and institutional reforms vital to leading countries out of institutional and poverty traps.Real competitiveness changes in six countries (Bangladesh, India, Indonesia, Nepal, Pakistan and Thailand) are measured from 1991 to 2000 with detailed international export unit value comparisons, to detect structural changes towards technology and knowledge intensive goods in trade patterns. No significant structural change was detected in the six countries during that period. Evolutionary trade theory is presented in two models and is calibrated with transaction and trade data from West Bengal and Nepal. These reveal that lower transport costs - resulting from investment in transport and institutional reforms related to the investment and trade environment - result initially in small productivity differences that can be amplified in a non-linear evolutionary system and eventually lead to a spatial restructuring of the system, and to a structural change in the trade patterns. The models in this path-breaking book can be used to explore the impact of a variety of interventions and policies.Productivity, Competitiveness and Incomes in Asia will be of interest to academics and researchers in Asian Studies, industrial economics, evolutionary economics and international business development. The book will also appeal to policy makers responsible for economic growth.

This volume investigates the relationship between economic globalization and institutions, or global governance, challenging the common assumption that globalization and institutionalization are essentially processes which exclude each other. Instead, the contributors to this book show that globalization is better perceived as a dual process of institutional change at the national level, and institution building at the transnational level. Rich, supporting empirical evidence is provided along with a theoretical conceptualization of the main actors, mechanisms and conditions involved in trickle-up and trickle-down trajectories through which national institutional systems are being transformed and transnational rules emerge.The book collectively argues that transnational institution building is one of the most striking features of the current period of internationalization. As a consequence, debates concerning globalization and global governance have to be reformulated. The authors posit that globalization is not threatening governance, but in fact globalization reflects a particular type of governance. The dilemma, therefore, is not between globalization and institutions, but between different meanings of governance and the balance that should be reached between them.Globalization and Institutions will be of special interest to academics and scholars of institutional economics, globalization and management. However, with its focus on two key debates for which there is clearly rising interest, many social scientists will find the book of interest.

Economic science has extensively studied the creative power of individuals and social groups, but it has largely ignored the destructive power of economic agents. This highly original book redresses the balance and, for the first time, looks at how much an agent can destroy. Destructive power is conceptualised in a unique way, covering all types of deliberate (violent and non-violent) social conflict behaviour. The theoretical arguments in the book are skilfully linked to burning political issues of our time such as the 9/11 terrorist attacks and the Second Gulf War.The author embraces destructive power in its two different functions, namely appropriative and rule-producing, the latter having been entirely neglected in classical and neo-classical approaches. The focus of the book is to integrate both these functions of destructive power into the political economy discourse. In doing so, the author offers an original interpretation of social development in terms of a combination of three different types of power: creative (economic), destructive and moral. Destructive power is therefore studied within the scope of collective action and not just as an irrational, abnormal or critical reaction. Throughout the book, the author illustrates many relevant and thought-provoking examples of man's destructive nature including civil war, military confrontation, guerrilla warfare, terrorism, revolution, strikes, sovereignty, public security and suicide. This fascinating book offers a challenging new agenda for understanding conflict theory and measuring the 'value' of destructive power. It will appeal to a broad and varied readership from a range of disciplines across the social sciences including economics, politics, sociology, history and psychology.

This important book analyses evolutionary approaches to economic policy. Its main purpose is to explore the policy implications of evolutionary economics, in particular of approaches inspired on the one hand by Schumpeter and revived by Nelson and Winter which deal with industrial evolution under constant institutions and, on the other hand, of approaches inspired by Hayek and North, which analyse the ways in which institutions themselves evolve. Hitherto evolutionary economists have paid little attention to policy issues, and the relatively few policy implications that they have produced are divergent. Whereas the Neo-Schumpeterian approach has often been used to support political interventions, the Hayekian viewpoint holds that economic policy detracts from economic performance. More systematic evolutionary analysis of economic policy is required if these one-sided findings are to be transcended. Furthermore, such analysis can be expected to develop a coherent theory of economic policy which will plug the gaps and rectify the errors (such as approval of socialist planning and Japanese industrial policies) of both neoclassical and alternative approaches to policy. Evolutionary economists and policy analysts will find this book of great interest, as will economists and students of economics who are interested in enlarging their views with excursions outside the standard curriculum.

After more than two decades of widespread hardship for most nations, what are the different paths available for them to resume steady growth and welfare? Will they actually succeed in building new growth models that meet the challenges of the present phase of internationalisation? This book attempts to answer these questions by analysing different perspectives and discussing the conditions for new national growth trajectories to emerge. The book provides conceptual tools for characterising alternative growth regimes by analysing their institutional backgrounds and political context. Unlike standard convergence theories, the authors argue that the diversity of capitalism is likely to persist as national economies adapt to the forces of globalisation. Still these national paths remain strongly conditioned by the kind of governance set up at both regional and fully international levels.The Hardship of Nations will be of great interest to undergraduates and graduates in the social sciences - economics, political sciences, sociology, geography and management - who require an overview of the debates on growth of national economies in the present stage of globalisation.