Traditionally, we take a nationalist view of our economy. Our politics and economics are wedded in the political economy of the nation state and the nationalist economic policies. This ‘nationalist paradigm’ is, however, showing signs of fatigue: The role of the nation state is diminishing as the economy globalizes; our national accounting systems are less effective, technology forces change; trading blocs are emerging; there is less control of exchange rates; regional economies are restructuring; and competitive environments are changing. This book poses that political jurisdictions are not economies but polities, and explores the complex and important economic implications of this thesis. In reality, metropolitan-centered economic regions are the basic economic units and the building blocks of the U.S. economy. The linked, interdependent system of local economic regions form the U.S. Common Market, which in turn thrives within a global context of mutuality and interdependence. William R. Barnes and Larry C. LedeburÆs paradigm shift from the ‘nation as the economy’ to the ‘national system of local economic regions’ changes the framework in which we think about governance and policy and puts this book at the forefront of U.S. economic thought.
Table of Content
Introduction and Overview
The Nation as Economy
Triumph of a Faulty Paradigm
The Economic Region
The Internal Interdependence of Regions
Business Cycles and Local Economies
Economic Federalism and the New Political Economy
The Regional Economic Commons
The Global Commons
Intergovernmental Roles in Economic Policy-Making
Policy and Governance for the Regional Economic Commons
The United States Common Market
Policy and Governance
Afterword
The Challenge and the Opportunity
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