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Chapter

Cover European Integration Theory

10. Critical Political Economy  

Bastiaan van Apeldoorn and Laura Horn

This chapter examines European integration from the perspective of critical political economy. It first outlines a historical materialist framework for understanding European integration against a broader context of capitalist restructuring; focusing in particular on neo-Gramscian perspectives but also highlighting other strands of critical analysis. The chapter then proceeds with an integrated analysis of economic and monetary union (EMU) as a political project. With a focus on continuity and changes within the political economy of neo-liberalism, the euro crisis serves as a reference point to illustrate the strengths and contributions of critical political economy. Finally, contemporary perspectives on contestation and resistance in European integration are discussed.

Chapter

Cover Democratization

8. The Political Economy of Democracy  

Patrick Bernhagen

This chapter examines the relationship between democratization and the economy. It first provides an historical overview of the emergence of capitalist democracy before discussing some general problems of the relationship between democracy and capitalism, highlighting the main areas in which the two systems condition each other. It then considers the role of business in democratizing countries, and more specifically the role of business actors in the transition to democracy. It also explores the intricacies of combining major political and economic reforms. Some key points are emphasized; for example, capitalism focuses on property rights while democracy focuses on personal rights. Furthermore, capitalism produces inequality, which can both stimulate and hamper democratization.

Chapter

Cover European Union Politics

20. The Single Market  

Michelle Egan

This chapter charts the evolution of the Single Market, from its original conception in the 1950s, beginning with the Treaty of Rome through to efforts to expand and enforce Single Market commitments in a climate of unfair trade practices and rising economic nationalism. The chapter highlights the tensions and trade-offs between legal and regulatory strategies to integrate markets; the challenges of creating a social market due to internal asymmetries between market integration at supranational level and social protection at national level; and the efforts to facilitate the free movement of goods, capital, services, and labour. The chapter highlights the importance of the Single Market in seeking to promote competitiveness and growth as well as the diffusion of its regulations beyond its borders. It concludes by demonstrating how both traditional international relations theories of integration and newer approaches in comparative politics and international relations, can be used to shed light on the governance of the Single Market.

Chapter

Cover The Member States of the European Union

18. The Europeanization of National Economies?  

Vivien A. Schmidt

This chapter examines the impact of Europeanization upon the national economies of European Union member states. It considers how successful the EU has been in promoting its goal of building a single European economy out of the diverse national economies of its member states; how much convergence has occurred among EU member states, and how much divergence remains; and what impact the economic crisis beginning in 2008 has had on the EU and its member states. To answer these questions, the chapter traces the development of Europe’s national economies from the post-war period until today. It also analyses the impact of globalization and Europeanization on post-war varieties of capitalism before concluding with reflections on future patterns of political economic development in the EU in light of the economic crisis.