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Book Summary
Dennis Swann's 'The Economics of the Common Market' is a classic textbook analyzing the economic principles behind European integration. It covers customs unions, competition policy, monetary union, and trade dynamics, offering a rigorous framework for understanding the EU's economic structure. Despite its age, it remains valuable for students of economics and European studies seeking foundational knowledge.
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About The Economics of the Common Market:...
First published in the 1970s and updated through subsequent editions, Dennis Swann's 'The Economics of the Common Market' provides a comprehensive economic analysis of European integration. The book examines the theoretical underpinnings of customs unions, the common agricultural policy, competition rules, regional policy, and monetary cooperation. Swann blends economic theory with institutional detail, explaining how the Common Market evolved and the economic consequences of its policies. While the text predates the euro and recent enlargements, its core analysis of trade creation, trade diversion, and market integration remains instructive. This edition, part of Penguin's education series, is aimed at students and serves as a historical snapshot of the EU's economic development.
Who should read The Economics of the Common Market:...?
This book suits undergraduate and postgraduate students of economics, European studies, and political economy who need a theoretical grounding in EU economic integration. It is also useful for researchers and policy analysts interested in the historical evolution of the Common Market's economic policies. Readers should have a basic understanding of microeconomics and international trade theory. Those seeking up-to-date coverage of the eurozone or recent EU developments should supplement it with newer texts.
Pros & Cons
Pros
- ✓ Provides a clear theoretical framework for understanding customs unions and economic integration.
- ✓ Covers a wide range of EU policies, including agriculture, competition, and regional development.
- ✓ Written by a respected economist with a talent for explaining complex concepts accessibly.
- ✓ Offers historical insight into the formative decades of the European Economic Community.
- ✓ Serves as a solid foundation for further study of European economic integration.
Cons
- ✗ Outdated: predates the euro, the Lisbon Treaty, and major EU enlargements.
- ✗ Some policy discussions reflect the economic conditions of the 1980s and early 1990s.
- ✗ Lacks coverage of recent crises such as the financial crisis and Brexit.
- ✗ Assumes prior knowledge of economic theory, which may challenge beginners.
- ✗ Institutional details may be superseded by subsequent reforms.
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Frequently asked questions
Is this book still relevant today?
It remains relevant for understanding the theoretical foundations of EU economic integration, but readers should consult newer editions or supplementary texts for post-2000 developments.
What edition is this ISBN?
ISBN 9780140135602 corresponds to the fourth edition (1996) published by Penguin.
Does the book cover the euro?
No, the fourth edition was published before the euro's introduction in 1999, so it does not cover the single currency.
Is it suitable for self-study?
Yes, for readers with some economics background. The text is clear, but beginners may need to consult introductory economics materials alongside it.
Does it include case studies?
The book includes examples and policy discussions, but it is primarily theoretical rather than case-study driven.
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