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The Concept of a World Economic Order

  • Horst Siebert

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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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
Date of revision:
Handle: RePEc:kie:kieliw:1392
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