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On the Political Economy of the European Union

Julia M. Puaschunder () and Martin Gelter ()
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Julia M. Puaschunder: The New School, Department of Economic, USA

No 001JP, Working papers from Research Association for Interdisciplinary Studies

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 develop 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; Bicameral parliament; Big data; Electoral system; European Union; Holy Roman empire; market disruption; political economy; Populist pressures; Taxation; United States (search for similar items in EconPapers)
Pages: 9 pages
Date: 2019-11
New Economics Papers: this item is included in nep-big, nep-his, nep-hme, nep-pke and nep-pol
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Published in Proceedings of the 15th International RAIS Conference on Social Sciences and Humanities, November 6-7, 2019, pages 1-9

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