On the Political Economy of the European Union

Proceedings of the 15th International Conference on Social Sciences and Humanities organized by Research Association for Interdisciplinary Studies (RAIS) at Johns Hopkins University, Montgomery County Campus, Rockville, MD, United States, November 6-7, 2019.

8 Pages Posted: 18 Oct 2019

See all articles by Julia M. Puaschunder

Julia M. Puaschunder

Harvard University; New School for Social Research; Columbia University; Princeton University; George Washington University Center for International Business Education and Research; The New School - Bernard Schwartz Center for Economic Policy Analysis (CEPA)

Martin Gelter

Fordham University School of Law; European Corporate Governance Institute (ECGI)

Date Written: October 9, 2019

Abstract

Political economy concerns historical, legal and heterodox economics analysis of complex systems. This article attempts to analyze the current state of the European Union from historical, legal and interdisciplinary economics perspectives. Historically, the ancient Athenian democracy, the Holy Roman Empire and the early formation of the United States serve as examples of early innovative legal constructs of their times that were sui generis and share key features with the current European Union. Regarding legal developments, this paper discusses the bicameral parliamentary structure, electoral processes and populist pressures. The future of the European Union economy is likely to see an AI (r)evolution shaping markets and rising big data revenues. This development necessitates the creation of a fifth fundamental freedom of data transfer within the European Union, as well as taxation of growth generated by big data. Heterodox economic growth theories will increasingly have to account for this growth.

Keywords: Ancient Athenian democracy, Artificial Intelligence (AI), Bicameral parliament, Big data, Electoral system, European Union, Holy Roman empire, market disruption, political economy, Populist pressures, Taxation, United States

Suggested Citation

Puaschunder, Julia M. and Gelter, Martin, On the Political Economy of the European Union (October 9, 2019). Proceedings of the 15th International Conference on Social Sciences and Humanities organized by Research Association for Interdisciplinary Studies (RAIS) at Johns Hopkins University, Montgomery County Campus, Rockville, MD, United States, November 6-7, 2019. . Available at SSRN: https://ssrn.com/abstract=3466540 or http://dx.doi.org/10.2139/ssrn.3466540

Julia M. Puaschunder (Contact Author)

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Martin Gelter

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HOME PAGE: http://www.fordham.edu/info/23135/martin_gelter

European Corporate Governance Institute (ECGI)

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