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. Ledebur's 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.

The United States Common Market: Policy and Governance

The United States common market: Policy and governance

Governance and policy for the whole common market require participation by local, state, and federal governments as well as by representatives from the regional economic commons (RECs). The common market is not just another name for the federal government in its economic policy mode.

This complex intergovernmental situation, engendered by looking at the economic world through the regional paradigm, is a horizontal federalism. It flattens the pyramid of vertical federalism. Creating governance and making policy for the common market require understanding and addressing the full scope of interaction among the three systems described at the end of Chapter 8: the political economies of the regions, the common market, and the global ...

  • Loading...
locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles