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The tensions between state and federal, national and regional, play out with specificity in the corporate law arena, instead of remaining a pure policy debate. Companies must continue to operate, experiencing their own economic cycles as the political context changes. If companies demonstrate that increased federalization is beneficial for profit generation and for other stakeholders, they offer support for the idea of the European Union and the goal of regionalization more generally. While regional consolidation reduces transaction costs for companies, it may come at the expense of social welfare more broadly. The development of innovative approaches for organizing areas split between regional and local spheres and divided by borders appears to present a key challenge for modern governance in all parts of the world. “Old America” and the “new Europe” may have much on which they can work together.



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