In this book, leading experts take a long-term view of the trends and policies of most relevance in achieving the structural readjustment required by the current crisis, which for too long has been viewed merely as an economic recession. A wide variety of issues are addressed, including the implications of the massive movement of wealth from advanced countries to emerging ones and the increasing income inequality evident within many countries. Prospects for growth toward the mid-century and beyond are discussed, with consideration of lessons from the past and the impact of various constraints, including corruption. The policies and reforms required to restore economic dynamism within the EU and more generally, to foster the Good Economy are discussed, recognizing the need for measures to promote innovation, entrepreneurship, well-being and high levels of environmental performance.

The book comprises a selection of contributions presented at the XXV Villa Mondragone International Economic Seminar. For the past quarter of a century, this seminar has brought together leading experts to engage in debates on pressing economic questions. This book, based on the most recent gathering, will be of interest to all who are concerned about the challenges to growth, well-being and social inclusion that will have to be confronted in the coming decades.

Introduction.- Restoring Europes luster.- Russian Federation: national and regional trends in regulatory burden and corruption.- Institutional creativity for happy high-income societies: can basic income-based reforms help to build them?.- Crisis in the Eurozone: some popular fallacies and a few unpleasant remarks.- Information technology and labor market polarization in Europe.- Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment.- Perspectives for growth and income equality in the European Monetary Union: 2012-2025.- Effort and hours over the business cycle.- Policy prescriptions for a good economy.- The measurement of underground economy in Italy.- Trade relations between Latin American Countries and the European Union.