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The Concept of a World Economic Order

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Author Info
Horst Siebert
Abstract

This paper studies the concept of an international economic order, i.e. an institutional arrangement of international rules. Such rules emerge from negative experiences – historical disasters – that inflict severe hardship on people. A taxonomy for rules reducing transaction costs is developed, for instance through decentralization of decisions, property rights, territoriality and the internalization of border-crossing negative externalities and mechanisms for global public goods. Some aspects of the rule system are studied including the process of ceding sovereignty and philosophical thoughts on international rules.

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File URL: http://www.ifw-members.ifw-kiel.de/publications/the-concept-of-a-world-economic-order/kap1392.pdf
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1392.

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Length: 20 pages
Date of creation: Jan 2008
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Handle: RePEc:kie:kieliw:1392

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Related research
Keywords: International rules; transaction costs; welfare gains of rules; property rights; hierarchy of rules; concept of order; Freiburg school; philosophical ideas;

Find related papers by JEL classification:
A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
F15 - International Economics - - Trade - - - Economic Integration
K00 - Law and Economics - - General - - - General (including Data Sources and Description)
N00 - Economic History - - General - - - General
P00 - Economic Systems - - General - - - General

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This page was last updated on 2009-11-24.

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