Since the launch of UoSat-1 of the University of Surrey (United Kingdom) in 1981, small satellites proved regularly to be useful, beneficial, and cost-effective tools. Typical tasks cover education and workforce development, technology demonstration, verification and validation, scientific and engineering research as well as commercial applications. Today the launch masses range over almost three orders of magnitude starting at less than a kilogram up to a few hundred kilograms, with budgets of less than US$ 100.00 and up to millions within very short timeframes of sometimes less than two...

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...