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Title:The concept of a world economic order PDF Logo
Authors:Siebert, Horst
Issue Date:2008
Series/Report no.:Kieler Arbeitspapiere 1392
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.
Subjects:International rules
Transaction costs
Welfare gains of rules
Property rights
Hierarchy of rules
Concept of order
Freiburg school
JEL:A12
F02
F15
K00
N00
P00
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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