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International institutions

Author

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  • Karl Socher

    (Emeritus Professor of Political Economy, Institute for Economic Theory, Policy and History, University of Innsbruck, Universitaetsstr. 15, A–6020 Innsbruck, Austria)

Abstract

Austrian Economics tries to minimize the role of the state. International institutions, like the International Monetary Fund (IMF) and the World Bank (WB), seen under this perspective, often try to fulfil functions of states which are not necessary, for instance, fixing exchange rates or redistribute income. They should concentrate on correcting market failures, like international public goods, when they cannot be supplied by the market, or internalize externalities. But even in these cases, state failures have to be avoided. Such state failures happened especially in countries transforming from socialist to market economies and in advising these states by international institutions.

Suggested Citation

  • Karl Socher, 2009. "International institutions," Progress in Development Studies, , vol. 9(4), pages 311-321, October.
    • Handle: RePEc:sae:prodev:v:9:y:2009:i:4:p:311-321
    DOI: 10.1177/146499340900900405
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    References listed on IDEAS

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    2. John-ren Chen, 2003. "Global market, national sovereignty and international institutions," Chapters, in: John-ren Chen (ed.), The Role of International Institutions in Globalisation, chapter 1, Edward Elgar Publishing.
    3. Kirzner, Israel M., 1978. "Competition and Entrepreneurship," University of Chicago Press Economics Books, University of Chicago Press, number 9780226437767, September.
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