Introduction

Abstract

This book challenges the hypothesis that globalization and technical change imply the convergence towards a canonical form of market economy. This introduction presents the methodological foundations of an alternative approach inspired by the rÕgulation theory. Capitalist economies are built upon institutional forms that codify political compromises. Thus polity and economy are interacting and shaping macroeconomic evolutions. This explains the persisting diversity of various brands of capitalism, more reinforced than reduced by the opening to trade, investment, and financial capital movements. Regional integrations define a third way between the dissolution of the nation-state and economic nationalism. A comparison of the European and Asian integration processes confirms the variability in the links between economy and polity. The present EU crisis goes along with a better resilience of ASEAN. The authors explore various scenarios ranging from the choice of an exchange rate regime to a better solidarity organized within a genuine form of federalism. The interdependence of contrasted capitalisms and the endogeneity of innovation and structural change define an alternative to standard economic theory conceptions.