The transformation of production structures has been at the centre of the historical dynamics of capitalist economies since the first Industrial Revolution. The article concentrates on production processes as principal loci of structural economic dynamics along increasing and decreasing returns trajectories. These trajectories are triggered by structural opportunities and constraints embedded in production systems, and their historical realisation is subject to different institutional configurations-production units at different levels of aggregation. The approach envisioned suggests the possibility of governing economic dynamics by structural policies working on the technological and organisational conditions of production as well as on the configuration of production processes within production units. Capitalist economies have to rely on a mix of coordination devices across different production units and aggregation levels for capturing structural opportunities and avoiding structural constraints.

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authors are grateful to participants in the 'Structures and Transformations' conference at the Centro Linceo Interdisciplinare 'Beniamino Segre', National Lincei Academy, for stimulating discussion and comments. We also acknowledge with thanks the insightful comments and suggestions of two anonymous referees. The usual caveat applies. 4 '[c]e sont donc les proportions qui font toute la richesse' (Boisguillebert, 1843 [1707], p. 279).

The Eurozone as a Political Economy Field i v a n o c a r d i n a l e , d ' m a r i s c o f f m a n a n d r o b e r t o s c a z z i e r i

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