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The concept of a world economic order

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  • Siebert, Horst

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.

Suggested Citation

  • Siebert, Horst, 2008. "The concept of a world economic order," Kiel Working Papers 1392, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:1392
    as

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    File URL: https://www.econstor.eu/bitstream/10419/4124/1/kap1392.pdf
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    References listed on IDEAS

    as
    1. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
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    More about this item

    Keywords

    Transaction costs; Welfare gains of rules; Property rights; Hierarchy of rules; Concept of order; Freiburg school; International rules;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • N00 - Economic History - - General - - - General
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General

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