What are the economic prospects for Europe in a globalizing world? One popular view suggests that Europe will be swamped by global forces; another suggests the rise of a new localism leading to a Europe of regions. This book argues that neither of these accounts is correct. Through the application of an institutionalist perspective, the authors expertly advance the case that regional economic prosperity will depend upon the degree to which regions are able to mobilize flexible institutional strategies. This timely and insightful book will appeal to a broad range of readers, including students and professionals in economics, geography, sociology, international business, planning, and European studies.