Alessandro Romagnoli is Alma Mater Professor of the University of Bologna (Italy), where he taught economics of the firm, economic development in the Middle East and North Africa and economic system analysis. His research interests encompass productive processes and firm structural evolution in agricultural and industrial sectors, the development process of the Middle East and North Africa and the structure of economic systems.

• Introduction PART I: Emergence, evolution and representation of modern economies 1. The historical pathways to the emergence of modern economies 2. The long-run driving forces behind the evolution of capitalist economies 3. A methodological framework for studying capitalist economies 4. Representation and appraisal of modern economic systems PART II: Structure and operation of modern economies 5. The state: counterpart, partner, and subject of the capitalist economy 6. Production: a transformation process steered by materials, assets, labour, and institutions 7. Consumption: needs satisfaction driven by production and social institutions 8. The market: regulated exchanges allowing capitalist economies operation PART III: The coordination of the economic relations among the states: the global economy 9. The world economy and the coordination of international exchanges 10. The international economic order toward one-dimensional global economy Conclusions

'Many authors have attempted to overcome the well-known methodological shortcomings of traditional mainstream economics: methodological individualism, externalisation of society, abstract rational agents. Romagnoli creates a forceful attempt to overcome these by taking a unique approach, that of systems theory!'Zoltan Pogatsa University of West Hungary