Journal on Policy and Complex Systems
A major goal of economic research should be advancing scientific inquiry toward achieving greater understanding of the interconnected systems replete with complexity . Yet , there is still a major research focus in political economics on equilibrium , which tends to ignore bottom-up process of self-organization . Yet what is our role as researchers , and how should we connect with complexity ’ s connectivity ? The author effectively employs a new approach of complexity economics . The complexity paradigm and qualitative inquiry , through case studies over time , highlight the combined potential in research … we can now strive toward . Furthermore , how one rationalizes the context of the problem can serves as a symptom of the real problem , causing an inability to address the whole problem and improve outcomes . To address effectively a problem like how to usurp China ’ s growing dominance in the global market , researchers need to know what the contextual factors are , how they interrelate , and whether , in fact , they facilitate or impede change .
As Arthur noted in the book ’ s preface , the architectural structure of an economic network structure , whether centralized like China or decentralized like the west , “ determines much of a systems outcome .” This is not to say that systems are deterministic , given shocks can result from seemingly innocent events that transpire due to systems ’ sensitivity to initial conditions . So , Sullivan ’ s “ form follows function ” maxim holds for economies that are conceptualized in complexity terms as “ a network of networks ” with feedback loops that process information with survival dependent upon network properties . The author states the purpose of this book is to inspire researchers to examine and study the origins and actions of network structures to capture more of the nuances in the economic and social world . Also , a main tenet is that network structure in which global capitalism evolves will be “ radically different from the environment in which it first triumphed ” ( p . 264 ). Additionally , there needs to be more attention on the differences of network typology that can upset the balance between local adaptability and internal order .
To support claims of “ economies as networks of networks ” the book is organized into three parts . First Part I covers an overview and description of the political economy and complex systems . The section addresses critical subject areas like the Great Transition in Economies History , Self-Organization in the Economy , and Human Evolutionary Behavior and Political Economy . Part II provides a detailed and intriguing analysis of regimes from a network perspective . Major chapters included are Network Assemblage of Regime Stability and Resilience in Europe and China , Emergence of Law from Feudalism to Small-World Connectivity , and Network Foundations of the Great Divergence . Finally , Part III predicts the coming instability . For example : Has the Baton Passed to China , China ’ s Ambitions and Future of the Global Economy , Global Networks Over Time , A Future of Diminishing Returns or Massive Transformation , and Network Structure , and Economic Change : East vs . West .
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