The accelerating pace of global change demands that economies must be adaptable‎.‎ Economies which are flexible flourish‎,‎ as in Eastern Asia‎.‎ Inflexible economies stagnate‎,‎ as in Eastern Europe and Africa‎.‎ However even though adaptability governs the long‎-term progress of economies‎,‎ economists have had little to say about the nature and determinants of economic flexibility‎.‎ This book redresses that situation‎.‎ A prestigious team of contributors address the key theoretical and empirical issues‎,‎ using a wide range of country studies‎.‎