This book analyzes the policies and space economy programs of major space-faring nations and
explores whether the present institutional set-up in Europe is adequate to address the
challenges. At the core of the discussion are the relative roles of governments and markets in
a highly dynamic panorama that involves advancements in science modifications in technology
and organization and the introduction of new rules of behavior. After a close examination of
the history of development of the space economy and the shift from the centralized model to
deregulation and the opening up of space activities to commercial companies a wide-ranging
overview of global space governance is provided. National and regional perspectives are
discussed and the current role of commercial actors in the global space system is elucidated.
The various challenges faced by Europe are then examined including the threat posed by
institutional and market fragmentation to the emergence of European companies able to compete
with companies of nations such as the USA. The final part of the book analyzes proposals for
reforming of the space system in Europe and offers a vision for future European space policy.
