The Concept of a World Economic Order
AbstractThis 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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Bibliographic InfoPaper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1392.
Length: 20 pages
Date of creation: Jan 2008
Date of revision:
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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-01-19 (All new papers)
- NEP-LAW-2008-01-19 (Law & Economics)
- NEP-PBE-2008-01-19 (Public Economics)
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