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
Date Written: October 9, 2019
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
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